Keppel clinches a whopping US$4.1bn deal for 5 semi-subs

The semis are to be delivered to Sete Brasil from 2016 to 2019.

Here's more from Nomura:

Keppel will build 5 semi-subs for Sete Brasil for US$4.1bn Keppel Offshore & Marine announced that its subsidiary Fernvale Pte had signed the contract with Sete Brasil to design and construct five semi-submersible drillings rigs for approx. US$4.1bn, following the Letter Of Intent announced in April 2012.

According to Keppel, the five semis will be based on Keppel's proprietary DSSTM 38E design, which has improved capability and operability, making it well suited to meet the stringent requirements of the deepwater "Golden Triangle" region of Brazil, Africa and the Gulf of Mexico. The semis are scheduled for delivery in 4Q 2016, 3Q 2017, 2Q 2018, 4Q 2018, and 3Q 2019 respectively. Based on the contract amount, thisworks out to US$820mn per semi-submersible.

With these latest firm contracts, Keppel will be building a total of six DSSTM 38E semis for Sete Brasil. When completed, the rigs will be chartered to Petrobras for 15 years for drilling activities in the pre-salt areas of Southeast Coast of Brazil, offshore Brazil. Three rigs will be operated by Queiroz Galvão Óleo e Gás SA, two by Petroserv SA and one by Odebrecht Óleo e Gás SA.

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