PPL Shipyard to Build Jackup for PT Apexindo

Rigzone, SembCorp Marine 2/3/2005 --- PPL Shipyard, a subsidiary of SembCorp Marine has signed a rig building contract worth US$133.7 million with PT Apexindo Pratama Duta Tbk for the construction of a Baker Marine Pacific Class 375 Deep Drilling Offshore Jack Up Rig

The Baker Marine Pacific Class ("BMC Pacific") 375 Deep Drilling Offshore Jack Up Rig is a proprietary design developed by Baker Marine Pte Ltd, a subsidiary of PPL Shipyard. Incorporated in the design of the rig is the Baker Marine Time Tested Proprietary Jacking System that could withstand storms without the use of a Rack Chock System. The jack-up rig is equipped to drill high pressure and high temperature wells of more than 25,000 feet and operating in 375 feet of water. It has accommodation for 120 men.

Construction of the jack-up rig is expected to commence in the first quarter of 2005 with delivery scheduled in January 2007.

Mr. Hertriono Kartowisastro, President Director of Apexindo said "Apexindo has chosen PPL Shipyard to build its newest jack-up rig because of its long standing reputation in constructing offshore rigs, especially jack-ups".

"Apexindo realizes the promising future of offshore market, especially for jack-up rigs, in Indonesia, Southeast Asia, as well as in the Middle East. Therefore, we would like to enhance our competitive advantage by acquiring a new jack-up".

Mr. Pierre Ducasse, COO of Apexindo said "Apexindo's Rani Woro jack up, a Baker Marine 300 unit, with its outstanding performances and capabilities, was the determining factor for the decision to select the new BMC Pacific design to be built by PPL Shipyard as our final choice. The Baker Marine Pacific Class proven design associated with its latest technologies and modern drilling equipment will certainly enhance our capacity to serve the oil & gas industry."

Mr. T. K. Ong, Managing Director of PPL Shipyard said "We are pleased that Apexindo has selected the Baker Marine Pacific Class 375 Jack-Up Rig design. It is indeed an endorsement of the confidence in the design and capabilities of the Baker Marine Pacific Class 375 Jack-up rig. Since the launch of this new design in 2004, this is the fourth jack-up rig of such design on order. We expect more such orders for our design"..

PPL Shipyard is a rig-building yard with proven track record in the building and servicing of jack-ups and semi-submersibles. To date PPL Shipyard has built 26 jack-ups and 4 semi-submersibles, including two deepwater jack-up drilling rigs for GlobalSantaFe International.

PT Apexindo Pratama Duta Tbk is a subsidiary of PT Medco Energi International Tbk, a homegrown integrated energy company in Indonesia. Both companies are listed in the Jakarta Stock Exchange. PT Apexindo Pratama Duta Tbk owns and operates a fleet of rigs including one Baker Marine-designed Jack Up and several shallow water submersible swamp barge rigs.

Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the contract. However, this contract is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2005.

Revenue from the contract will be recognized according to SembCorp Marine's revenue contribution policy based on the percentage of completion method measured by reference to the value of work performed relative to the total contract value over the duration of the contract.

Serica Energy Spuds Banteng-1 Well

Serica Energy www.rigzone.com --- Serica Energy reports that the Banteng No. 1 exploration well has been spudded.

The Banteng No. 1 well is being drilled within the Lematang Production Sharing Contract (PSC), located on-shore in South Sumatra, Indonesia. The well is being drilled by the Operator PT MedcoEnergi E&P, a leading Indonesian oil producer, using the Apexindo No. 5 heavy drilling rig. Serica has a 10% carried interest and is not expected to contribute to the approximate US$12.5 million cost of drilling, logging and casing Banteng No. 1.

The estimated total depth of the well is 12,660 feet. Drilling is expected to take approximately three months.

Statoil Spuds First Well for South Pars Phases 6 - 8

Rigzone.com, Statoil 1/27/2004 --- The first well in phases six-eight of Iran's South Pars gas development in the Persian Gulf has been spudded by Statoil as operator for the offshore part of this project. Each of the 30 producers embraced by the program will be drilled to a measured length of about 4,000 meters.

The Rani Woro jackup arrived at the drilling location on January 25th and spudded the day after.

"That's initiated an important new phase in the South Pars development," says well manager Per Haaland in Statoil's project team.

Chartered by Statoil in 2003 for up to three years, Rani Woro is owned by Indonesia's PT Apexindo Pratama Duta in Jakarta.

Iran's Pars Oil & Gas Company (POGC), which is in overall charge of the whole South Pars development, has a five-year contract with Japan Drilling Company.

This covers the charter for Sagadrill 2, which is being chartered on to Statoil for up to three years.

The first of three jackets for the wellhead platforms covered by phases six-eight was installed on the field on January 5th, and the other two are currently being completed. Rune Mordal, project manager for platform construction, confirms that the second jacket is due to be transported to the field in late January or early February.

Sagadrill 2 is scheduled to spud its first well as soon as jacket number two has been installed.

PT Apexindo Wins Iranian Drilling Contract

Rigzone.com, 7/1/2003 --- PT Apexindo Pratama Duta has been awarded a $50 million offshore drilling contract from Statoil for work in Iran's South Pars block. The agreement was signed last week in Tehran. Drilling is expected to commence by the end of the year. PT Apexindo is a subsidiary of Medco Energi.

Keppel Delivers Newbuild Barge for PT Apexindo

Rigzone.com, Keppel FELS 5/30/2003 --- Keppel Offshore & Marine has successfully delivered a posted submersible drilling barge on time to PT Apexindo Pratama Duta Tbk.

Yani Rig 104, a newbuild order, was delivered to PT Apexindo within a short span of 7.5 months. She is the third of three posted submersible drilling barges to be delivered to the client.

Yani Rig 104 sails off today to join her sisters, Raissa and Maera 101 in the inshore Tunu field, Balikpapan in East Kalimantan for TotalFinaElf Indonesia.

Said Mr. Choo Chiau Beng, Chairman and CEO of Keppel O&M, "PT Apexindo has been growing their fleet of drilling barges to cater for shallow draft in the mangrove swamp areas. We are privileged to be able to take part in their expansion plans.

"This is the third barge we've delivered. I believe Yani Rig 104, together with her sisters, will add further value for our customer."

Mr. Pierre Sanchez, Project Manager for PT Apexindo said, "The Yani Rig 104 project was challenging because of its short completion deadline. The yard had to be flexible in adapting to changing production requirements, yet ensuring that the job would still be delivered on time.

"The Keppel FELS engineering team has shown great professionalism in managing this project."

Keppel O&M was awarded two earlier contracts by long-time customer PT Apexindo, for the new construction of drilling barge Raissa as well as repair and refurbishment of Maera 101.

Yani Rig 104 is a further enhancement of Maera 101 in terms of design arrangements.

Keppel FELS Completes Raissa Inland Barge for PT Apexindo

Rigzone, Keppel FELS 3/3/2003 --- Keppel Offshore & Marine Group has completed the Raissa, a posted submersible drilling barge for Indonesian drilling contractor PT Apexindo Pratama Duta Tbk.

Keppel FELS Limited has earlier been chosen as the preferred partner for PT Apexindo's drilling fleet build-up and enhancement.

The Company signed the $29 million contract for Raissa in May 2002, followed by a refurbishment contract for drilling barge, Maera. Another similar newbuild order for the Yani was signed in October last year.

All three drilling units will be deployed in the Tunu field, East Kalimantan, for TotalFinaElf Indonesia.

Said Mr. Choo Chiau Beng, Chairman and Chief Executive Officer of Keppel O&M, at the naming ceremony of Raissa held in Keppel FELS Pioneer Yard today, "I am happy that through the projects with PT Apexindo, we are able to offer fit-for-purpose solutions for enhanced drilling activities in Indonesia.

"In so doing, we have strengthened our participation and track record in the growing markets of inshore drilling and will exploit opportunities in other shallow regions in Asia Pacific, USA, and northern parts of the Caspian Sea."

"Our investment in Raissa is one of significant strategic value for Indonesia's oil & gas industry. The industry's growth and sustainability in the long term is dependent on the on-going development of production infrastructure including drilling capabilities such as those of Raissa.

"Raissa's construction and assignment to the gas fields of East Kalimantan also reflects the confidence of major international oil companies in Indonesia's continued global leadership in LNG production," said Mr. Hertriono Kartowisastro, President Director of PT Apexindo.

Three Keppel yards, led by Keppel FELS Limited were involved in the construction of Raissa.

Keppel FELS was involved in the engineering and project management of Raissa, and provided the expertise to build the cantilever and drillfloor structures.

Keppel Singmarine built the main hull and upper decks, while Keppel Shipyard (Benoi) constructed the living quarters and the helideck.

Showcasing high commitment to safety standards, the Keppel yards achieved more than one million man-hours without reportable accidents during construction.

The construction of the 244-ft Raissa involved detailed engineering, fabrication and procurement as well as installation of the owner's supplied equipment.

It is capable of oil and gas exploration in water depth up to 7.62m (25 ft) and will have a drilling depth capability of 7,600m (25,000 ft).

PT Apexindo Pratama Duta Tbk, is the first drilling contractor to be listed on the Jakarta Stock Exchange. The company specializes in both onshore and offshore activities. It owns 12 onshore drilling rigs after merging with PT Medco Antareja in December 2001. PT Apexindo currently owns and operates two submersible swamp barges contracted by TotalFinaElf Indonesie and one jack-up rig in the Middle East.

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.