Keppel to build two jackups for Clearwater

Offshore staff

SINGAPORE – Keppel FELS Ltd. reports new orders from Clearwater Capital Partners to build two KFELS B jackup rigs for $360 million. The high-specification rigs are to be delivered 1Q 2013 and 2Q 2013.

Clearwater also has options to build two more similar jackup units with Keppel FELS. If exercised, the options for the additional two rigs will bring the total contract value to above $730 million.

"Confidence is rapidly returning to the offshore industry and we expect a fundamental recovery of the sector,” said Rob Petty, managing partner and cofounder of Clearwater. “There is a clear bifurcation in the jackup market with oil companies increasingly focused on new, high specification rigs for their projects.”

Clearwater's rigs will be able to operate in water depths of 400 ft (122 m), drilling depth of 30,000 ft (9,144 m) and accommodate a crew of 150.

Keppel FELS Ltd. also reports delivery of the Rowan Stavanger N-Class jackup rig to Rowan Co.s Ltd.

At 568 ft (173 m extendable to 598 ft or 182 m) tall, this jackup can operate in severe weather conditions in water depths of 400 to 500 ft.(122 to 152 m). It can drill to 35,000 ft (10,668 m).

1/24/2011



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