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Marine Log

March 5, 2008

Keppel FELS wins third PetroVietnam jackup order

Singapore's Keppel FELS will build a third KFELS B Class jackup drilling rig, worth about US$205 million, for PetroVietnam Drilling & Well Services Corp's subsidiary PetroVietnam Drilling Investment Corp (.

The rig is slated for delivery in the fourth quarter of 2009, as is PVD Invest's second rig, PV Drilling II, already under construction at Keppel FELS.

"It is estimated that there will be some 900 exploration wells in Vietnam over the next 15 years. We want to position ourselves to capture this market for specialized oil and gas services with the support of a strong and reliable shipyard that can deliver projects punctually, on budget and without incidents," said Mr. Do Van Khanh, CEO of PV Drilling and Chairman of PVD Invest.

To meet the tight exploration schedule, PV Drilling intends to make capital investments of around VND 27.4 trillion (US$ 1.7 billion) between now and 2025 to build and operate an 11-strong fleet of offshore and onshore rigs.

The latest KFELS B Class rig will be able to operate in water depths of 360 ft with a drilling depth of 30,000 ft. Versatility of this rig has been further enhanced to broaden its area of operability, with such features as engines that meet more stringent emission standards and lower spud can bearing pressure for operation in areas with soft soil conditions. Its accommodations are designed for up to 110 men, in 1-man and 2-man cabins.

The Keppel Group has been involved in the Vietnamese offshore market for more than 20 years.

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