Keppel scores after buyout

KEPPEL   CONTRACTS   OIL RIGS

Singapore – Keppel has secured another oil rig contract, following an acquisition of shares in KrisEnergy, an independent upstream oil and gas company in Southeast Asia. 

Keppel Kazakhstan LLP, an associate company under Keppel Offshore & Marine, and its consortium partner Ersai Caspian Contractor LLC have inked a US$242 million (SG$306 million) contract from well-drilling firm Teniz Burgylau LLP for a KFELS B Class jackup rig.

The rig will be designed to operate in water depths of 262 feet and can drill to a maximum depth o f 20,000 feet. Additionally, it will incorporate Keppel's high capacity rack and pinion elevating system and Self-Positioning Fixation System.

The jackup rig will be delivered in first quarter of 2015 and deployed in the Caspian Sea.

Keppel Corporation has also acquired 20% of KrisEnergy's share capital earlier this week.

The company had secured two rig contracts worth US$70 million in the US and Azerbaijan in June.

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