Keppel to build a US$315m accommodation semi for Floatel

The project which is due for delivery in 2014 will be Floatel’s fourth accommodation semi with Keppel FELS.

Keppel FELS has entered into a Letter of Intent with returning customer, Floatel International to build a new generation harsh environment accommodation semisubmersible (semi) worth US$315 million for delivery in July 2014.

A further announcement will be made when the contract is signed.

This will be Floatel's fourth accommodation semi with Keppel FELS after the delivery of Floatel Superior and Floatel Reliance in 2010 and the order of Floatel Victory in 2011.

When completed, the new semi will be able to accommodate 440 persons in single bed cabins with ample recreation areas as well as office amenities. Well equipped with a host of modern facilities, the vessel is ideal for construction support during new construction, maintenance activities or for decommissioning projects of offshore oil and gas installations.

The two Floatel rigs delivered in 2010, Floatel Reliance and Floatel Superior, have been chartered to Petrobras in Brazil's Campos Basin and to Statoil in Norway's Oseberg field respectively. Floatel Victory which is scheduled for delivery by Keppel FELS in 1Q 2014 has secured a charter with BP Exploration Operating Company for the Clair Ridge Development project on the UK Continental Shelf.

The aforementioned transaction is not expected to have any material impact on the net tangible assets or the earnings per share of Keppel Corporation Limited for the current financial year.