Fossil Energy – Modification Works
Keppel Offshore & Marine has completed the modification works on four KFELS B Class jack-up rigs, which will be deployed on bareboat charters in Saudi Arabia in October.
The four rigs delivered will be deployed for Saudi Arabia’s national oil company, Saudi Aramco.
In a bourse filing, the company said the rigs will be chartered in pairs to Arabian Drilling Company (ADC) and ADES Saudi Limited Company respectively, and will yield total charter revenue of about S$250 million over three to five years.
ADC’s rigs were handed over to the company on Oct 13 and will be deployed for three years in Saudi Arabia to work for Saudi Aramco, the country’s national oil company, with an option for a year’s extension.
The two rigs deployed to ADES will similarly be deployed for Saudi Aramco for five years.
All four rigs are capable of operating in water depths of 400 feet and drill to a depth of 30,000 feet.