Keppel Corp has completed the modification works for four KFELS B Class jackups that will be deployed on bareboat charters in Saudi Arabia in October. The rigs are being chartered in pairs to Arabian Drilling Company (ADC) and ADES Saudi Limited Company (ADES) respectively and are expected generate a total charter revenue of about S$250 million over three to five years.
The rigs chartered to ADC, ARABDRILL110 and ARABDRILL 120, were handed over on 13 October. The rigs are on bareboat charter contracts for three years with options for a year’s extension and will be deployed in Saudi Arabia to work for Saudi Aramco.
The rigs for ADES, ADMARINE 683 and ADMARINE 684, which had their modification works completed earlier in October, have been chartered for five years and are also deployed to Saudi Arabia for Saudi Aramco.
Built to Keppel O&M’s proprietary KFELS B Class design, the four modern high-specification rigs are able to operate in water depths of up to 400 ft and drill to 30,000-ft water depth. In preparation for their charters in Saudi Arabia, these rigs have been further customised to work for Saudi Aramco.
“We are pleased that four of our rig assets are being put to productive work and will soon generate recurring income as they embark on their charter contracts with our valued customers ADC and ADES. The project teams at Keppel O&M have worked hard to expedite the rigs’ modification works, enabling these assets to start their charters on schedule in Saudi Arabia,” said Tan Leong Peng, Managing Director (New Builds) of Keppel O&M.