Fecon orders KFELS jackups

February 13, 2014

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has secured contracts to build three high-specification KFELS B Class jackup rigs worth about US$650 million from Fecon International Corp (Fecon).

Backed by experienced A.P. Dobrov, Fecon is a new player in the offshore oil and gas industry, and is targeting the growing offshore drilling markets of Africa, Middle East, and Southeast Asia.

Fecon's leadership team also has experience and knowledge of working in Russia and has identified offshore drilling in the country as a strategic market with good growth opportunities.

The three rigs are scheduled to be delivered progressively within 2H 2016.

Dobrov said: "The International Energy Agency estimates oil demand in the world to increase by 1.3MM bbl/d in 2014, and Barclays has forecast global E&P spending to reach a new record of $723 billion in 2014, an increase of 6.1% from $682 billion in 20132. There is a need for more high specification jackup rigs as the replacement cycle continues and we believe the robust KFELS B Class rig will be the most efficient rig in the greatest number of locations.

"Building three premium rigs at the same time will enable us to accelerate our presence in this industry and establish ourselves as a serious drilling contractor in the market. Being a new player, teaming up with the world's leading rig builder, Keppel FELS, will help fast track our entry into the market. Their track record of delivering on time, without incidents and on budget will ensure we get maximum value and returns on our investment."

The KFELS B Class rig is able to operate in up to 400ft water depth and drill to 30,000ft deep. Customised to Fecon's requirements, the three jackup rigs will each have a full 15,000 psi BOP system, 75-feet cantilever outreach, and be able to accommodate 150 persons.

The design incorporates Keppel's fully-automated rack and pinion jacking system, and self-positioning fixation system.



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