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January 20, 2004

Jackup rig order for Keppel FELS

Singapore's Keppel FELS Limited (KFELS) has signed an agreement with a wholly owned subsidiary of the Skeie Group AS of Norway to build a Keppel FELS MOD V B class enhanced jackup rig for US$126 million.

To effect this agreement, financing for the construction of the rig must be completed by 16 February 2004.

Construction of the rig is expected to be around 26 months.

The rig will be capable of operating in water depths of up to 350 feet and deep drilling of down to 35,000 feet.

The owner has an option to order within the next 6 months an additional unit with the same technical specification as the first unit with price adjustment for currency fluctuations.

Involved primarily in investments relating to the offshore industry, Skeie Group SA is a private company owned by the Skeie family.

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