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18 Feb 2004

Keppel FELS signs rig construction agreement with ENSCO

Keppel FELS Limited has entered into an agreement with a subsidiary of ENSCO International Incorporated (ENSCO) to construct a KFELS B class jackup rig.

The consideration is US$55 million in cash and three rigs, the ENSCO 55 jackup and ENSCO 23 and 24 platform rigs.

The new high performance premium jackup rig, due for delivery in late 2005, will be named ENSCO 107. It is a repeat order of BIGFOOT, the ENSCO 106, which Keppel FELS is currently building with scheduled completion by year-end.

This transaction is subject to execution of a definitive vessel construction contract and required US regulatory approvals, expected to be satisfied by March 2004.

Keppel FELS is entering into a separate agreement with another drilling services company for the sale of the three ENSCO rigs. Further information about the sale will be announced in due course.

Mr Tong Chong Heong, Managing Director & Chief Operating Officer of Keppel Offshore & Marine (Keppel O&M) said, “These agreements showcase the win-win business partnership we have with our valued customers.

“Our ability to package total solutions to meet the needs of our customers is a key to our success.”

ENSCO, headquartered in Dallas, Texas, provides contract drilling services to the international petroleum industry.

Keppel FELS is the world leader in the design and construction of jack-up drilling rigs. It is member of Keppel O&M, which has a network of 16 yards worldwide and a wholly owned subsidiary of Keppel Corporation Limited.

The transaction is not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation for the year ending 31 December 2004.