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June 14, 2005

Keppel and Diamond Offshore confirm jackup contract

Keppel FELS Ltd says approximately US$300 million contract for the construction of two KFELS B Class (Super) jackup rigs with subsidiaries of Diamond Offshore Drilling, Inc. has been signed.

This follows a Letter of Intent signed between the two companies and announced on May 3, 2005.

The two high-performance premium jackup rigs will be for 350-ft water depth, capable of drilling depths of up to 35,000 ft with a hook load capacity of two million pounds and a cantilever reach of 70 ft.

Under the agreement, the Ocean Shield will be constructed in Singapore, and the Ocean Scepter in Keppel AmFELS in Brownsville, Texas, USA.

Delivery of both units is anticipated to be in the first quarter of 2008.

Keppel FELS has built over 60 percent of the jackup rigs ordered worldwide in the past decade. It is a wholly owned subsidiary of Singapore-listed Keppel Corporation Limited, through Keppel Offshore & Marine Ltd.

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