Ensco buys Keppel FELS rig interest
Ensco Offshore International Co. (Ensco) bought Keppel FELS Ltd. (Keppel FELS) 75% interest in Ensco Enterprises Ltd. II (JVC) for $80 million in cash.
Ensco 106 is the fifth KFELS B Class jackup to be built and delivered by Keppel FELS. The rig will be deployed to Apache Energy Ltd. for the North West Shelf field in Australia.
The JVC is part of an alliance agreement between Ensco and Keppel FELS to build, own, and operate the,Ensco 106 jackup, valued at around $105 million. The agreement carries an option for Ensco to purchase Keppel FELS' entire interest in the rig prior to or upon delivery.
"We are glad that Ensco has chosen Keppel as its partner of choice to expand their fleet of premium rigs to meet the growing demands in the offshore oil and gas market," said Choo Chiau Beng, chairman and CEO of Keppel Offshore & Marine (Keppel O&M).
Keppel FELS is currently building another rig,Ensco 107 for Ensco. When completed in end 2005, the rig will be the sixth jackup that Keppel O&M group has built for Ensco since 1998.
2/8/05