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March 15, 2009

Keppel FELS gets early-delivery bonus

Singapore's Keppel FELS Limited has been awarded a bonus of $625,000 for delivering the jackup rig, Greatdrill Chetna, 20 days ahead of schedule, within budget and without incidents to Mercator Offshore Limited.

Built to Keppel's proprietary KFELS B Class design, Greatdrill Chetna has been contracted to India's national oil company, Oil and Natural Gas Corporation (ONGC). It is the 27th KFELS B Class jackup rig to enter the market and will be deployed for three years in the Mumbai High oil field in the west coast of India.

The rig is capable of operating in water depths of 350 feet and drilling depth of 30,000 feet. Its design also incorporates Keppel's advanced and fully-automated high capacity rack and pinion elevating system, and Self-Positioning Fixation System.

Mr. Atul Agarwal, Managing Director of Mercator Group of Companies said, "Keppel FELS has done an excellent job on our first jackup rig. An early delivery of 20 days with a sterling safety record is most commendable for a yard that is so busy during this period. They have truly lived up to their promise to deliver on time, within budget and without incidents.

"Greatdrill Chetna is now ready for her first assignment with ONGC and we are confident that this fine KFELS B Class rig, whose reputation precedes her, will surpass the expectations of our customer."

Over the last five years, Indian drilling contractors have ordered a total of nine KFELS B Class jackup rigs from Keppel FELS. The total contract value of these rigs amounts to US$1.5 billion.

"Keppel FELS's focus on operational excellence has yielded strong results in the form of strong project management, cost efficiency and high safety standards on the construction of Greatdrill Chetna. Receiving the enhanced bonus from our valued customer Mercator Offshore in times like these is a great boost to us," Mr Tong Chong Heong, CEO of Keppel Offshore & Marine said.

"We are grateful to Mercator Offshore for their partnership and confidence in us. Looking ahead, we will continue to align ourselves with best-in-class practices and build on them to improve our quality standards to offer unrivaled services to our customers," he added.

Mercator Offshore Limited is a wholly-owned subsidiary of Mercator Lines Limited, the second largest private sector shipping company in India.


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