Keppel To Build Another Swamp Barge for PT Apexindo

Rigzone.com, Keppel FELS 10/29/2002 --- Keppel Offshore & Marine Ltd has been awarded another contract to build a swamp barge from repeat customer, PT Apexindo Pratama Duta Tbk (PT Apexindo). The S$25 million contract for the swamp barge, Yani, is the third contract PT Apexindo has awarded to Keppel FELS Ltd.

The Indonesian drilling contractor earlier awarded Keppel with two other contracts, one for the new construction of swamp barge Raisa, and another for the repair and refurbishment of swamp barge Maera.

Said Mr. Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel O&M, "We are very pleased that PT Apexindo has entrusted us with the construction and refurbishment of their swamp barge fleet.

"We clinched the first contract on the Raisa through a competitive bid put together as a result of the integration of our offshore and marine business. We are able to combine our expertise in rig design, project management and shipbuilding skills as an integrated entity, and offer the best price and services to our customers."

The construction of Raisa is seeing good progress and the barge was recently launched on October 22, 2002. Maera's six-month refurbishment is into its third month in Keppel FELS. Both barges are scheduled for delivery in the first quarter of 2003 for deployment in the Tunu Field of East Kalimantan for TotalFinaElf Indonesie.

Construction of Yani will take close to eight months, and delivery is scheduled for May 2003. Yani will be deployed for TotalFinaElf Indonesie in Tunu Field, East Kalimantan for period of three years.

The construction of the 226-ft swamp barge will involve detailed engineering, fabrication and procurement as well as installation of the owner's supplied equipment. Upon completion, the barge will have a drilling depth capability of 25,000 feet.

Keppel Wins S$72 Million in Repeat Business

Rigzone.com, Keppel FELS 8/30/2002 --- Keppel Offshore & Marine Ltd, has clinched contracts worth a total of S$72 million from repeat customers. Three contracts over S$50 million are for the upgrades of jack-up rig Ensco 81 and barge drilling unit Ensco 1 from Ensco Offshore Company, and swamp barge Maera from PT Apexindo Pratama Duta.

Another contract is for a new Anchor Handling Tug/Supply (AHTS) vessel for Pacific Richfield Marine Pte Ltd, owner and operator of offshore support vessels in the Asia and Pacific region.

Mr. Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel O&M said, "Shipyards usually become involved in a job only after the design and engineering work is completed. However, we have in many instances successfully convinced our customers to involve our design and engineering teams as partners in the initial stages of their projects.

"This business model has worked for our customers and us. Together, we could come out with better solutions, turnaround their projects quickly, and deliver them within their budget and to the desired quality."

The drilling capability upgrade on Ensco 81 will be carried out in AMFELS Inc, Keppel's yard in Brownsville, Texas and is expected to be completed by January 2003.

Work on Ensco 1 is undertaken by Keppel FELS' in Singapore and involves the construction and installation of an auxiliary support barge onto the drilling unit. Ensco 1 is scheduled for delivery in December 2002.

ENSCO has been a long-time customer, for whom Keppel has built two jack-ups and carried out numerous repairs and upgrades. This year alone, four rigs from ENSCO were repaired in Keppel FELS Pioneer Yard.

Meanwhile, PT Apexindo's swamp barge Maera will undergo a six-month refurbishment in Keppel FELS. This contract came hot on the heels of an earlier S$29 million contract from the same client in April this year, to build a swamp barge, Raisa.

PT Apexindo awarded Keppel with the Raisa contract as a result of its competitive bid and reputed quality services. Both barges will be contracted to TotalFinaElf upon completion of the projects.

Keppel Singmarine, the specialised newbuilding arm of Keppel O&M will build the 140-ton bollard pull purpose-built Anchor Handling Tug/Supply vessel for Pacific Richfield Marine. Measuring 75m in length and 17m in breadth, the vessel will be used to tow, support and provide services for offshore drilling and work-over rigs. It is scheduled for delivery in the last quarter of 2003.

PT Apexindo Schedules IPO for Early July

Rigzone.com, PT Apexindo 5/13/2002 --- PT Apexindo Pratama Duta plans to offer up to 335 million shares, or 17.8% of its enlarged share capital, in an initial public offering in early July. The company is a unit of listed oil and gas company PT Medco Energi Internasional (P.MCE). The company plans to use the majority of the proceeds to purchase drilling equipment. Medco Chief Financial Officer Sugiharto said last week that he expected the shares to be priced around 600 rupiah ($1=IDR9,290) per share. Apexindo recently received a $130 million drilling contract for an offshore Kalimantan exploration project. The company had net profit of IDR38.67 billion in 2001, swinging from a net loss of IDR9.33 billion the previous year.