March 30, 2017 1:57 PM ET

Energy Equipment and Services

Company Overview of Keppel FELS Limited

Company Overview

Keppel FELS Limited designs, constructs, and repairs mobile offshore drilling rigs for use in deep waters and harsh environments. It designs and builds new jackup rigs, semisubmersible drilling rigs, drilling tenders, drill ships, and floating production systems. The company also performs repairs, upgrades, and conversions for mobile offshore units, as well as emergency offshore repair operations. The company was formerly known as Far East Levingston Shipbuilding Limited and changed its name to Keppel FELS Limited in January 1997. The company was incorporated in 1967 and is based in Singapore. Keppel FELS Limited operates as a subsidiary of Keppel Offshore & Marine Limited.

Pioneer Yard 1

50 Gul Road

Singapore,  629351

Singapore

Founded in 1967

Phone:

65 6863 7200

Fax:

65 6261 7719

Key Executives for Keppel FELS Limited

Managing Director
Age: 66
Financial Controller
Chief Executive Officer and President of Brazil
Director, Chairman of Keppel Amfels LLC, Chairman of Keppel Singmarine Pte Ltd and Chief Executive Officer of Keppel Offshore & Marine
Age: 61
President of FloaTEC, LLC
Compensation as of Fiscal Year 2016.

Keppel FELS Limited Key Developments

Keppel FELS Signs Deal with Borr Drilling for Transocean Rigs

KEPPEL FELS has signed a heads of agreement with Borr Drilling of Bermuda, with the approval of Transocean, whereby the construction contracts for the five jackup rigs currently being built by Keppel FELS for Transocean will be novated to Borr Drilling. The transaction is subject to all three parties signing definitive agreements and satisfying formal closing conditions. The transaction is expected to be completed before the end of May 2017. In 2013, Transocean ordered five Keppel FELS Super B Class jackup rigs from Keppel FELS for USD 1.1 billion and made a 20% down payment. Under the new agreement, Borr Drilling will take over the contracts and undertake the remaining payment installments to Keppel FELS. The price for each rig is USD 216 million, compared to the original price of USD 219 million. Borr Drilling will also make a down payment of USD 275 million. The delivery dates of the five rigs were originally between 2016 and 2017, but they were deferred by Transocean to 2020. The first three rigs will now be delivered between 2017 and 2018, while the remaining two rigs will be delivered in 2020, Keppel said. This will enable Keppel to improve cash flow and minimise risks of the projects.

Keppel FELS Limited Plans to Launch the New Generation Oil Rig in 2017

Keppel FELS Limited plans to launch the new generation oil rig, which is being built by the company in Baku, on May 10, 2017. The new generation oil rig belongs to Azerbaijan's state oil company SOCAR. Keppel FELS Limited is building the first new generation drilling rig for SOCAR's needs. The State Oil Fund of Azerbaijan (SOFAZ) will be the co-owner of the new drilling rig, which will be operated by Caspian Drilling Company (CDC), a subsidiary of SOCAR. Keppel FELS Limited, which signed an agreement on carrying out construction work with CDC in June 2015, is the contractor of the drilling rig's construction. The construction of the drilling rig is worth over $1 billion. The new rig is designed for drilling of wells with a depth of up to 8,000 meters at a sea depth of 1,000 meters.

Keppel FELS Limited Deliveres Two Jackup Rigs to Grupo R

Keppel FELS Limited has delivered two jackup rigs to Grupo R. Built to Keppel's proprietary KFELS B Class design, the rigs, CANTARELL I and CANTARELL II, will be chartered to PEMEX, Mexico's national oil company, for operations in the Cantarell oil field in offshore Mexico. They are the first two of five jackup rigs that Keppel FELS is building for Grupo R. With the two rigs delivered, there will be 10 KFELS B Class rigs working in Mexico, two of which are directly owned by PEMEX. It is the dominant rig design in the region, with those already in operation turning out robust, efficient and economical, performances for Mexico. The KFELS B Class jackup is designed to operate in water depths of up to 400 feet and drill to depths of 30,000 feet. Developed by Keppel's Offshore Technology Development (OTD), the KFELS B Class jackup is equipped with an advanced and fully-automated high capacity rack and pinion jacking system, and Self-Positioning Fixation System. It has accommodation with full amenities for 150 persons.

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Keppel FELS Limited, please visit www.keppelom.com/en/content.aspx?sid=2537. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.