Keppel bags PV Drilling jack-up order

Through a subsidiary, Keppel Corporation (Keppel Corp) yesterday acquired a 35% stake in PVDO from Falcon Energy Group for $350 in cash. "The consideration was funded through internal working capital," a Keppel Corp press release noted.

PetroVietnam Drilling & Well Services (PV Drilling) and Falcon Energy are the other shareholders in PVDO with 55% and 10% respectively. Falcon placed an order at Keppel for a Class B rig in April 2013.

Scheduled for delivery in the first quarter of 2015, the latest rig brings the orderbook for the popular Class B design to 19 units , with 45 delivered since 2000.

"We are looking to catch up on the huge demand for offshore rigs and actively seize the opportunities coming. To meet this aim, we are pleased to be able to acquire a premium jackup rig with such an early delivery schedule. This is an important addition to our current fleet of rigs to expand our fleet through acquisitions and charters to accelerate our drilling programme for Vietnam and the overseas market," commented Pham Tien Dung, chairman of PVDO and ceo of PV Drilling.