Keppel delivers Vietnam's first fully-owned rig ahead of schedule

Keppel Offshore & Marine Ltd. subsidiary Keppel FELS Ltd. has delivered the PV Drilling I, a KFELS B class jackup rig, to PetroVietnam Drilling and Well Services Joint Stock Co.

Offshore staff

SINGAPORE -- Keppel Offshore & Marine Ltd. subsidiary Keppel FELS Ltd. has delivered the PV Drilling I, a KFELS B class jackup rig, to PetroVietnam Drilling and Well Services Joint Stock Co.

The jackup was delivered on March 7, 2007, ahead of time and within budget. According to Keppel FELS, the delivery was two months ahead of its contractual schedule.

Built to Keppel's proprietary design, the KFELS B Class rig is PV Drilling's first newbuild jackup. ThePV Drilling I is the 13th KFELS B Class jackup rig delivered since the introduction of the design in 2000.

ThePV Drilling I is customized to PV Drilling's specifications for operations in water depths to 91 m (300 ft) and drilling depths to 6,096 m (20,000 ft). The rig has accommodations for 110 and is upgradeable for higher drilling capabilities in water depths to 107 m (350 ft). The jackup will begin working for the Hoan Vu Joint Operating Co. offshore Vietnam in October.

"To deliver a rig two months early during this very busy period in the market is something special. It demonstrates the strong core values and close collaboration of both our companies. We have developed a strong working relationship characterized by teamwork, flexibility and mutual understanding," says Choo Chiau Beng, chairman and CEO of Keppel O&M.

3/8/2007

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