Keppel FELS Limited (Keppel FELS) has secured new orders from Clearwater Capital Partners, LLC (Clearwater) to build a pair of premium KFELS B Class jackup rigs at US$360 million.
The two high specification jackups are scheduled for delivery in 1Q 2013 and 2Q 2013 respectively.
As part of the agreement, Clearwater has options to build another two similar jackup units with Keppel FELS. If exercised, the options for the additional two rigs will bring the total contract value to above US$730 million.
Mr Rob Petty, Managing Partner and Co-Founder of Clearwater, said, “Confidence is rapidly returning to the offshore industry and we expect a fundamental recovery of the sector. There is a clear bifurcation in the jackup market with oil companies increasingly focused on new, high specification rigs for their projects. We have followed this market closely and chose Keppel FELS as our long term partner to help us execute our investment plans in the transition of the jackup market from old rigs to safer, more efficient rigs.
“Keppel FELS is the gold standard for quality, engineering, and building execution in terms of both time and budgets. Our wide ranging due diligence before placing these substantial orders consistently validated the Keppel team to be professional – from the initial discussions through the engineering design and contract placement. We look forward to this same degree of professionalism and precision all the way through to delivery.”
Mr Wong Kok Seng, Managing Director of Keppel FELS, said, “We thank Clearwater for their confidence in Keppel FELS and look forward to nurture a win-win partnership with them.
“The KFELS B Class design is the industry standard for efficient and high grade performance; to date, 33 such units have been delivered for operations in various parts of the world. I am confident that when completed, the KFELS B Class jackups will provide outstanding value and returns on Clearwater’s investment.”
The KFELS B Class jackup design is developed by Keppel’s technology arm, Offshore Technology Development. When completed, Clearwater’s rigs will be able to operate in water depths of 400 feet, drilling depth of 30,000 feet and accommodate 150 men.
The new contracts with Clearwater are not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
[Photo: PV Drilling II and III – Twin KFELS B Class rigs built for PV Drilling made history being the first pair of jackups named together at Keppel FELS courtest Keppel]
Equinor has announced a landmark project labor agreement (PLA) with the Building & Construction Trades Council of Greater New York and Vicinity (BCTC) for the construction of the South Brooklyn...
March 22 (Reuters) – The Biden administration on Friday released new rules that will make it easier for offshore wind developers to claim a subsidy for facilities planned in areas that have historically relied...
By Lars Paulsson (Bloomberg) — On the outskirts of Rotterdam, a bright orange ship is hoisted above the muddy Rhine with the help of six chunky triangular legs. The vessel has just been retrofit with a huge...
March 20, 2024
Total Views: 2889
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.