25 Jun 2011

Keppel on track to deliver third harsh environment N-Class rig to Rowan

Keppel FELS Limited (Keppel FELS) is on track to deliver its third KFELS N-Class jack-up rig to Rowan Companies, Inc. (Rowan) (NYSE: RDC) on time and within budget.

The KFELS N-Class combines state-of-the-art design with the dual capabilities of performing drilling and production activities efficiently and safely. Equipped to operate in some of the harshest offshore environments in the world, Rowan Norway has been chartered to Xcite Energy for work in the severe conditions of the UK North Sea.

The rig was named Rowan Norway at Keppel FELS today by Lady Sponsor, Mrs Cheryl Keller, wife of Mr Mark Keller, Executive Vice President Business Development of Rowan Companies.

Speaking at the ceremony, Mr Keller said, "The KFELS N-Class ranks as one of the most capable jack-up rigs in the world. We are confident that Rowan Norway, our third N-Class rig, will deliver excellent performance for Xcite Energy. Rowan Stavanger, which was delivered in January this year, has received the AOC (Acknowledgement of Compliance) from the Norwegian Petroleum Safety Authority and just began work on the Norwegian continental shelf.

"We see global opportunities for this elite class of rig that can deliver significant efficiencies to our customers. In partnering with Keppel, we have been assured of innovative and cost-effective solutions that support our goal to be at the forefront of offshore technology and capabilities."

Mr. Wong Kok Seng, Managing Director of Keppel FELS added, "Rowan Norway is the third KFELS N-Class rig delivered to Rowan in the space of eight months. These are high specification and complex rigs built to our proprietary design. That we have managed to consistently deliver them on time and within budget is the result of our engineering expertise, construction methodology and excellence in project execution.

"Rowan Norway will be able to start work upon delivery, fully compliant with the latest North Sea regulations. We are confident the fleet of three N-Class rigs we have built for Rowan will serve them well and deliver solid returns on their investments. We look forward to deepen our win-win partnership with Rowan and support them in high-grading their premium offshore fleet."

Developed by Keppel's R&D arm, Offshore Technology Development (OTD), the KFELS N-Class rig provides customers the flexibility of having a jack-up that can undertake drilling and production concurrently.

At 568 feet (extendable to 598 feet) or about 56 storeys, the KFELS N-Class rig can operate in harsh weather conditions in water depths ranging from 400-500 feet, which are 40% deeper than traditional units in benign waters. It can also drill to depths of 35,000 feet, which is 15% deeper compared to existing harsh environment jack-ups.

The design is in full compliance with the demanding requirements of one of the world's toughest operating environments for offshore exploration and production - the Norwegian sector of the North Sea.

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About Rowan

Rowan is a major provider of international and domestic contract drilling services with a a fleet of 28 jack-up rigs located worldwide, including the Middle East, the North Sea, Trinidad, the U.S. Gulf of Mexico, and Mexico. Rowan has a market leading position in high-specification jack-up rigs, which remain in high demand. The Company's stock is traded on the New York Stock Exchange under the ticker symbol RDC.

For more information on Rowan, please visit www.rowancompanies.com.

About Keppel FELS

Keppel FELS is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, ship repair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

For more information on Keppel FELS, visit www.keppelfels.com.

For further information, please contact:

Media

Roy Tan
Assistant Manager
Group Corporate Communications
Keppel Corporation
Tel: (65) 64136 421
Email: roy.tan@kepcorp.com

Investor Relations

Eva Ho
Deputy General Manager
Group Corporate Communications
Keppel Corporation
Tel: (65) 64136 424
Email: eva.ho@kepcorp.com