Keppel FELS wins two rig contracts

Keppel FELS Ltd., a subsidiary of Singapore's Keppel Corp. Ltd., has won two rig contracts amounting to $534 million.

Eric Watkins
Senior Correspondent

LOS ANGELES, June 25 -- Keppel FELS Ltd., a subsidiary of Singapore's Keppel Corp. Ltd., has won two rig contracts amounting to $534 million for the construction of a jack up rig and a deepwater drilling tender rig.

The first contract, worth $400 million, is for the third KFELS N Class jack up for Skeie Drilling & Production, a member of the Skeie Group, with delivery expected in fourth-quarter of 2010.

Keppel said the contract with Skeie Group is subject to certain conditions' being fulfilled by July 9, but it did not give further details.

The second contract is from Seadrill Asia Ltd. for a semisubmersible drilling tender valued at $134 million, slated for delivery at yearend 2009.

Contact Eric Watkins at hippalus@yahoo.com.

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