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(Image courtesy of Keppel Offshore & Marine)

Keppel FELS Limited, a subsidiary of Keppel Offshore & Marine, has won a contract from an affiliate of Clearwater Capital Partners to build a pair of premium KFELS B Class jackup rigs.

The total cost of the project is about US$440 million.

Mr Wong Kok Seng, Managing Director of Keppel said, “Having delivered 16 rigs already this year, Keppel FELS has demonstrated its strong project execution capabilities in completing all its projects safely, ahead or on time and within budget. In addition, with the rigs being built to repeat designs, we are able to reap efficiencies by replicating the process to speed up the work.”

The KFELS B Class jackup rig is able to operate in water depths of up to 400 feet, drill to 30,000 feet deep and equipped with offline standbuilding capability. The rig was designed and developed by Keppel’s technology arm, Offshore Technology Development.

The rigs are scheduled to be completed in 4Q 2015 and 1Q 2016.

This deal with Clearwater comes less than a month after Keppel won a dual FPSO project worth $150m.