CATEGORIZED | News, The Efficient Rig

Asia Offshore Drilling orders new KFELS B Class jackup

Posted on 06 July 2011

Asia Offshore Drilling (AOD) has exercised the first of two options to build a KFELS B Class jackup rig worth US$184 million with Keppel FELS. This rig will be AOD’s third with Keppel FELS and is scheduled for delivery in Q3 2013. AOD, established by Singapore listed Mermaid Maritime, placed orders for two KFELS B Class jackup rigs in December 2010. AOD recently announced the completion of a private placement that will result in Mermaid and Seadrill each having a 33.75% equal shareholding ownership in AOD.

The effectiveness of this option is subject to AOD or a subsidiary entering into a construction contract with Keppel FELS and fulfilling certain conditions precedent.

M.L. Chandchutha Chandratat, chairman of the Board of AOD, said, “We continue to see bifurcation in the jackup market. Oil companies are showing a preference for high-specification jackups for which the KFELS B Class stands out as a choice design. We are therefore strengthening our position as an Asian drilling company with our third KFELS B Class rig order.

“We are also pleased that our strategic decisions were recognized by Seadrill, which is one of the most successful drilling companies in the world. This partnership between Mermaid, Seadrill and Keppel FELS provides AOD with a strong platform to develop its business to serve the Asia Pacific and Middle East markets.”

When completed, AOD’s rigs will be able to operate in water depths of 350 ft, drilling depth of 30,000 ft and accommodate 150 men.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 15 September 2014

    US Treasury announces expanded sanctions with Russian companies

    US Treasury Secretary Jacob J. Lew has announced that persons operating within Russia’s defense and related materiel sector may now be subject to targeted sanctions…

  • 11 September 2014

    Cameron elects Scott Rowe as President and COO

    Scott Rowe will assume the newly created position of President and COO of Cameron, effective 1 October 2014. In his new role, he will report directly to Jack Moore, Chairman and CEO of the company...

  • 11 September 2014

    Statoil, GE and Ferus Natural Gas Fuels expand flare gas solution in Bakken

    A joint venture of GE and Ferus Natural Gas Fuels (Ferus NGF), along with Statoil plan to expand a pilot project to capture flare gas and use it to power up to six...

  • 10 September 2014

    6 elements of successful collaboration among NOCs, IOCs, service companies

    The oil and gas landscape is shifting, with the continuing growth of NOCs and the industry going toward unconventional resources and new frontiers…

  • 09 September 2014

    PTTEP: NOCs, IOCs and service companies must combine strengths to overcome challenges

    As assets become more mature and operations become more complex, industry is challenged with finding economical and environmentally friendly operating strategies...

  • Read more news