Keppel FELS divests interest in rig

Keppel FELS Ltd. has divested its entire 75% interest in Ensco Enterprises Ltd. (JVC) for $95 million in cash, to Ensco Offshore International Co., a subsidiary of Ensco International Inc.

Keppel FELS Ltd. has divested its entire 75% interest in Ensco Enterprises Ltd. (JVC) for $95 million in cash, to Ensco Offshore International Co., a subsidiary of Ensco International Inc.

The JVC is part of an alliance agreement with Ensco to build, own, and operate jackup rigEnsco 102. The agreement carries an option for Ensco to buy KFELS' interest in the rig. Ensco elected to exercise the option, which was set to expire in May 2004, and has become sole owner of the Ensco 102.

Currently on charter to Shell in Malaysia,Ensco 102 is a premium jackup based on the KFELS MOD V A class design, capable of working in water depths to 400 ft in environments such as South East Asia and the Gulf of Mexico.

Ensco International Inc., headquartered in Dallas, Texas, provides contract drilling services to the international petroleum industry.

01/29/04

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