January 31, 2005

Keppel FELS to perform $85 million rig upgrade

Keppel FELS Ltd (Keppel FELS), has secured a US$85 million contract from Diamond Offshore Services Company to upgrade the semisubmersible rig Ocean Endeavor.

Completion of the upgrade is scheduled for fourth quarter 2006.

After the upgrade, Ocean Endeavor will be capable of drilling down to 35,000 feet and be fully outfitted for 8,000 feet moored operations, with design capabilities to operate in up to 10,000 feet of water. In addition, the rig will have increased crew quarters to accommodate up to 140 personnel, over 6,000 tons of operating variable deck load and increased usable deck space.

Larry Dickerson, President & COO of Diamond Offshore, said Keppel FELS was selected because of the expertise and experience demonstrated in its previous upgrades of Diamond Offshore's Victory-class semisubmersibles Ocean Baroness and Ocean Rover.

Ocean Endeavor is expected to arrive at Keppel FELS in May 2005.

When completed, it will expand Diamond Offshore's fifth-generation semisubmersible fleet to four units and will be the most capable of the company's upgraded Victory-class units.

The modernized rig is expected to serve exploration and development needs in deepwater regions such as the Gulf of Mexico, South East Asia and Africa.

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