Offshore staff

(Asia-Pacific) - Keppel FELS Ltd. has confirmed an option order of $132 million from a wholly-owned special purpose company of SeaDrill Ltd. to build a KFELS B-class jackup rig to be delivered in 2Q 2008.

The order was an option given to Odfjell Partners Ltd. in the first rig-contract secured in March 2004.

Odfjell placed an order for its second rig in March 2005.

In mid-2005, SeaDrill acquired Odfjell Invest Ltd. and was given the right to exercise Odfjell's option with Keppel FELS.

SeaDrill is also affiliated with Seatankers Management Co Ltd., which had earlier placed one jackup order with Keppel FELS.

Ownership of this rig has been assigned to SeaDrill.

With these developments and including the latest contract, Keppel FELS is building four jackups for SeaDrill.

The new rig is designed to operate in water depths of up to 400 ft, drilling depth of 30,000 ft, and accommodation for 112 men.

The first rig,SeaDrill 3, is scheduled for delivery in May this year.

It is to be chartered to Total Fina Elf in Nigeria at a rate of $166,000 per day for two years, says Keppel FELS.

03/23/06