KFELS, Mermaid in jackup negotiations

Keppel FELS has a Letter of Intent from Mermaid Maritime Public Co. to build two KFELS B Class jackup rigs for $360 million.

Offshore staff

SINGAPORE -- Keppel FELS has a Letter of Intent from Mermaid Maritime Public Co. to build two KFELS B Class jackup rigs for $360 million. Mermaid has further options to build another two similar jackups.

If the proposed deal proceeds, the first two rigs will be delivered on Dec. 1, 2012 and March 1, 2013. Should the options for the other two rigs be exercised, the contract value will exceed $700 million.

10/22/2010

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