Keppel FELS of Singapore has won contracts to build three high-specification KFELS B Class jack-up rigs worth about $650million for Fecon International Corp. (Fecon), a new client, which is believed to be Russian.
Backed by an industrial entrepreneur, A.P. Dobrov, about whom nothing could be found on the internet, Fecon is described as a new entrant to the offshore oil and gas market.
Keppel FELS reported that the company is targeting the growing offshore drilling markets of Africa, Middle East, and Southeast Asia.
The rig builder said too that Fecon’s leadership team has “extensive connections, experience and knowledge of working in Russia” and has “identified offshore drilling in Russia as a strategic market with good growth opportunities”.
The three rigs are scheduled to be delivered during H2 2016.
In a statement issued by Keppel FELS, Dobrov pointed out: “The International Energy Agency estimates oil demand in the world to increase by 1.3million barrels per day in 2014 and Barclays has forecast global E&P spending to reach a new record of $723billion in 2014, an increase of 6.1% from $682billion in 2013.
“There is a need for more high specification jack-up rigs as the replacement cycle continues and we believe the robust KFELS B Class rig will be the most efficient rig in the greatest number of locations.
“Building three premium rigs at the same time will enable us to accelerate our presence in this industry and establish ourselves as a serious drilling contractor in the market.
“Being a new player, teaming up with the world’s leading rig builder, Keppel FELS, will help fast track our entry into the market. Their track record of delivering on time, without incidents and on budget will ensure we get maximum value and returns on our investment.”
The KFELS B Class rig is able to operate in water depths to 122m (400ft) and drill to 9,144m (30,000ft).
Customised to Fecon’s requirements, the trio will each have a full 15,000 psi BOP (blow-out preventer) system, 23m (75ft) cantilever outreach and be able to accommodate 150 persons.
Keppel FELS has so far delivered more than 50 B Class rigs.