March 28, 2005

$29 million jackup order for Keppel

John Fredriksen's Seatankers Management Co. has placed a US $128.8 million order with Singapore's Keppel FELS Ltd for the construction of a KFELS B Class jackup rig.

Keppel FELS executive director Michael Chia commented that the "outlook for offshore rig market looks very positive with utilization rates rising faster than anticipated in the last one year. As the industry expects the market to tighten further, there is growing interest in rigbuilding, particularly in the drilling jackup market."

Built to Keppel FELS' proprietary design, the KFELS B Class unit ordered by Seatankers is capable of drilling down to 30,000 feet in water depths of up to 400 feet. It is scheduled for delivery in the third quarter of 2007.

Seatankers Management Company Limited is responsible for the management, control and daily co-ordination of the various activities of Greenwich Holdings Group. Based in Cyprus, the Group currently owns six vessels and five offshore units of various types.

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