Paraiso II (361 Projects Pte. Ltd) (Jackup)

Keppel FELS signs settlement agreement and sale contract

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30 December 2016

Keppel Corporation Limited (the “Company” or “KCL”) refers to its announcement on 2 August 2013 on the construction contract ("Construction Contract") entered between Keppel FELS Limited (“KFELS”), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (“KOM”), and Parden Holding S.R.L. (“Parden”) for the construction of a KFELS B Class jackup rig (the “Jackup Rig”). Following Parden’s failure to take delivery of the Jackup Rig and make payment for the balance 80% of the contract value, among others, KFELS has today, following discussion with the guarantor of Parden’s obligations under the construction contract, entered into a Settlement Agreement with the guarantor. The Settlement Agreement provides for the concurrent execution of a sale contract (“Sale Contract”) with 361 Projects Pte. Ltd. (“Purchaser”), which is an associate of the guarantor, for the purchase of the Jackup Rig at a price equivalent to the balance contract value of the Construction Contract. Under the terms of the Sale Contract, the rig is scheduled for delivery in 4Q 2017. Pursuant to the Sale Contract, a replacement corporate guarantee will be issued by the guarantor to secure the Purchaser’s obligations under the Sale Contract. The above transactions are not expected to have any material impact on the earnings per share or net tangible assets per share of the Company for the year ending 31 December 2016.

Source: http://www.kepcorp.com/en/news_item.aspx?sid=6851


More News for Operator: 361 Projects Pte. Ltd

2 Aug 2013

Keppel FELS secures newbuild contract for Mexican market

Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract to build a jackup rig for US$206million from Parden Holding, a company based in Uruguay. Scheduled for delivery in 4Q 2015, the jackup rig is intended for operations in offshore Mexico. It will be built to Keppel's award winning KFELS B Class design and customised to Parden Holding's requirements. When completed, it will operate in water depths of up to 400 feet and drill to depths of 30,000 feet with accommodation for up to 150 persons. This contract brings the total number of KFELS B Class jackup rigs ordered for the Mexican market since 2012 to 12. Mr Wong Kok Seng, Managing Director (Offshore) of Keppel O&M and Managing Director of Keppel FELS said, "We are glad to be able to support Parden Holding with their very first high specification jackup rig as they aim to penetrate the offshore oil and gas market in Mexico. It is an affirmation of the KFELS B Class design and our strong shipyard capabilities. When completed in 2015, we would have 66 KFELS B Class rigs in the market." The KFELS B Class design provides maximum uptime with reduced emissions and discharges. For its environmentally-friendly features, it was bestowed the prestigious Engineering Achievement Award from the Institution of Engineers Singapore in 2009. A key element of this design is Keppel's advanced high capacity rack and pinion jacking system, which enables this robust rig to jack up and down securely even in challenging environments. Mr Panaretos Lagos, CEO of Parden Holding said, "Even with the number of new rigs being ordered, we continue to see strong demand for high specification jackup rigs in the Gulf of Mexico as the country looks to increase its production of oil and gas. Having a proven rig like the KFELS B jackup will enable us to seamlessly service the demands of the Mexican offshore drilling industry. In choosing Keppel FELS, we are confident of receiving a high quality rig on time, on budget, and with an excellent safety record." Besides this order, Keppel FELS is also building another eight KFELS B Class rigs for the Mexican market.

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