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Keppel expects to maintain jack-up rig market positionKeppel expects to maintain jack-up rig market position

Keppel Offshore & Marine expects to maintain its leading position in the jack-up rig newbuilding market even as there is new competition from yards in China and Korea.

Marcus Hand, Editor

October 18, 2013

1 Min Read
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In the third quarter of 2013 Keppel bagged SGD1.9bn ($1.53bn) in new orders for five jack-up rigs, an accommodation semi-submersible, two FPSO conversions and an upgrade of a semi-submersible. So far this year Keppel has booked 13 jack-up rig newbuilding contracts.  

The Singapore yard group booked a total of about SGD5bn in new orders in the first nine months of the year and as of the end of September had a SGD13.6bn net orderbook with deliveries stretching through to 2019.

Asked about the predominance of jack-up rigs in its new orders at its third quarter financial briefing, Keppel Corp ceo Choo Chiau Beng said: “I don’t think it’s a surprise. We look forward to continued strength next year.”

Keppel has delivered 18 jack-up rigs this year. The company said demand is underpinned by the oil industry’s preference for high-specification rigs. Keppel has its own KFELs B Class design jack-up rig.

Other yards are trying to break into the jack-up rig newbuilding market which is dominated by Keppel and its Singapore compatriot Sembcorp Marine with over a 70% market share.

On Thursday Cosco (Dalian) Shipyard booked a $180m jack-up rig order from an undisclosed Asian customer.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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