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AUGUST 2008 ISSUE

OFFSHORE DRILLING
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September 14, 2008

Keppel jack-ups earn early-delivery bonuses

Two Keppel Offshore & Marine Limited (Keppel O&M) shipyards have received bonuses for the early delivery of jack-up rigs.

On September 10, Keppel AmFELS Inc., Brownsville, Texas, received a bonus of US$1.35 million on successful delivery of Scorpion Offshore's fourth jackup drilling rig. Three days later, Keppel FELS in Singapore secured a bonus of S$1 million (US$ 698,000) for delivering a jack-up drilling rig 49 days ahead of schedule to Discovery Drilling, a joint-venture of India's Jindal Drilling & Industries (JDIL).

Named Offshore Vigilant, the Scorpion jack-up rig is one of five LeTourneau Super 116 jack-ups that were commissioned by Scorpion in 2005. Two units, Offshore Courageous and Offshore Defender, were delivered in 2007 and the third, Offshore Resolute, in May this year. All were completed on-time. The fifth unit is expected to be completed in 2009.

All five rigs are identical. Each incorporates a 70 ft cantilever, the maximum reach currently available for all but a few harsh environment units. Each is capable of working in 350 ft of water as outfitted or in water of depths up to 400 ft through the installation of additional leg sections. The drilling depth is approximately 30,000 feet.

Offshore Vigilant has been chartered by Gazprom for its maiden operations offshore Venezuela beginning in October 2008.

The jack-up delivered by Keppel FELS to Discovery, Discovery I, is a KFELS B Class. Over the last five years, Indian offshore and marine companies have ordered a total of nine jackup drilling rigs, worth a total of some US$1.5 billion from Keppel.

All nine rigs are of the KFELS B Class design, been developed to meet the requirements of drillers for more powerful jackups as the search for hydrocarbons moves into harsher environments and deeper waters.

DISCOVERY I is the 23rd out of a total of 33 KFELS B Class rigs to enter the offshore market. It has been chartered to Oil and Natural Gas Corporation (ONGC), India's national oil company, for deployment in the Indian Ocean over three years.

Enhanced for the conditions of offshore India, DISCOVERY I meets ONGC's unique requirements of environment, bearing pressure and rig geometry. It is capable of operating in water depths of 350 feet and drilling down to 30,000 feet. This design also incorporates Keppel's advanced and fully-automated high capacity rack and pinion elevating system, and Self-Positioning Fixation System.


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