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Non-Tech : Shipbuilders and shipyards

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To: Lynn who wrote (35)	6/2/2008 9:21:31 AM
From: Lynn	Read Replies (1) of 61

Keppel Corp Ltd Ensco Signs Deepwater Rig Contract for $537 Million (Update3) By Dan Lonkevich May 30 (Bloomberg) -- Ensco International Inc. said it signed a $537 million construction contract with Singapore's Keppel FELS Ltd. Shipyard for a new ultra-deepwater rig. The Ensco 8505 is the sixth ultra-deepwater semi- submersible rig currently under construction for Ensco, according to a statement today from the Dallas-based company. Delivery is expected in the first half of 2012. Ensco is spending more than $2 billion to build rigs as record oil prices encourage producers such as Chevron Corp. and Brazil's Petroleo Brasileiro SA to drill in deepwater fields to secure new reserves. Oil futures traded in New York have more than doubled in the past year, touching a record $135.09 a barrel on May 22. The Ensco 8505, and the $512 million 8504 that Ensco contracted with Keppel FELS to build earlier this month, will be part of a seven-rig deepwater fleet capable of drilling in waters up to 8,500 feet (2,590 meters) deep. Four of the ultra-deepwater rigs currently under construction for Ensco are under contract upon delivery, the company said. Ensco rose 61 cents to $71.83 in New York Stock Exchange composite trading. The stock has jumped 20 percent this year. To contact the reporter on this story: Dan Lonkevich in New York at dlonkevich@bloomberg.net. Last Updated: May 30, 2008 16:27 EDT bloomberg.com

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