Keppel FELS Sells $210 Million Jackup Rig

Keppel FELS Limited (Keppel FELS) is pleased to announce that PV Drilling Overseas (PVDO) is acquiring from the company a KFELS B Class jackup rig for approximately $210 million.

Scheduled for delivery in 1Q 2015, the high specification rig will be the 19th KFELS B Class rig on order at Keppel, with 45 already delivered since 2000.

Pham Tien Dung, Chairman of PVDO and CEO of PV Drilling said, "We are looking to catch up on the huge demand for offshore rigs and actively seize the opportunities coming. To meet this aim, we are pleased to be able to acquire a premium jackup rig with such an early delivery schedule. This is an important addition to our current fleet of rigs to expand our fleet through acquisitions and charters to accelerate our drilling program for Vietnam and the overseas market."

The KFELS B Class jackup design was developed by Keppel's technology arm, Offshore Technology Development. It is able to operate in water depths of 400 feet, drilling depth of 30,000 feet and accommodate up to 150 men.

Readily upgradeable to higher performance capabilities, KFELS B Class rigs incorporate Keppel's advanced and fully-automated high capacity rack and pinion elevating system and self-positioning fixation system. It provides maximum uptime with reduced emissions and discharges. For its environmental-friendly features, the KFELS B Class design was bestowed the Prestigious Engineering Achievement Award from Institution of Engineers Singapore in 2009.

keppelfels.com