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Keppel considering rig yard partnership in Vietnam

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Offshore staff

SINGAPORE -- Singapore's Keppel Corp. is reportedly evaluating the possibility of become a partner in a rig building shipyard in Vietnam, establishment of which has been proposed by the Vietnamese oil and gas corporation, PetroVietnam.

Keppel said in its report on the first quarter ended March 31, 2007, that PetroVietnam plans to turn a coastal area into an oil and gas hub to support the country's oil and gas reserves.

Keppel is involved in Vietnam through subsidiary Singapore Petroleum Co. Ltd., which is evaluating oil and gas discoveries in the Song Hong basin in the Gulf of Tonkin. SPC has 45% stake in block 101-100/04, 102, and 106 offshore Vietnam.

5/4/2007

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