Sinvest exercises option for jackup rig

Singapore's Keppel FELS Ltd. has received notice from Oslo-listed Sinvest ASA's wholly-owned subsidiary exercising its option signed in February 2005 for another KFELS Super B class jackup rig.

Offshore staff

(Asia-Pacific) - Singapore's Keppel FELS Ltd. has received notice from Oslo-listed Sinvest ASA's wholly-owned subsidiary exercising its option signed in February 2005 for another KFELS Super B class jackup rig.

To be completed in 1Q 2009, the rig is contracted at around $140 million.

This KFELS Super B Class jackup is Sinvest's fifth rig with Keppel FELS and can drill high pressure, high temperature wells up to 35,000 ft at 350 ft water depths.

Sinvest's first rig with Keppel FELS is expected to be delivered in April this year, while the next three rigs will be progressively delivered between end 2006 and 3Q 2008.

01/25/06

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