Keppel FELS Limited (Keppel FELS) is on track to deliver Vietnam's first semisubmersible drilling tender (SSDT) to PetroVietnam Drilling & Well Services Corp (PV Drilling) ahead of schedule, within budget and with a perfect safety record.

Built to Keppel's award-winning KFELS SSDT 3600E design, the rig is well-suited for harsh environments and will be deployed on a multi-year charter to PetroVietnam's Bien Dong Petroleum Operating Company.

In 2009, the design was recognised by the Institution of Engineers Singapore for its eco-friendly features, which have contributed significantly to sustainable operations, as well as the safety and well-being of rig crew.

The rig was named PV Drilling V at Keppel FELS today in the presence of Mr S Iswaran, Singapore's Minister in Prime Minister's Office and Second Minister for Home Affairs and Trade & Industry, together with Mr Le Duong Quang, Vietnam's Vice Minister of Industry and Trade as well as Mr Chu Ngoc Anh, Vietnam's Vice Minister of Science and Technology.

In his speech, Mr Iswaran noted that Singapore's marine and offshore industry has earned an international reputation for quality and reliability. "We have also differentiated ourselves with the ability to offer customised solutions and handle sophisticated turnkey projects with complex requirements. The successful delivery of the PV Drilling V exemplifies the strengths and capabilities of our marine and offshore industry," said Mr Iswaran.

Developed by Keppel Offshore & Marine's (Keppel O&M) Deepwater Technology Group (DTG), the KFELS SSDT 3600E design has revolutionised the way in which drilling tenders work, allowing them to be deployed next to deepwater floating platforms for the first time. This groundbreaking series, with their enhanced capabilities, can operate and maintain station keeping in deep waters of up to 5,000 ft alongside Spars and Tension Leg Platforms.

Highly suitable for offshore Vietnam's harsh environment, the KFELS SSDT 3600E features an 8-point mooring system, which allows the rig to maintain its position amidst currents of up to 6 knots.

Mr Pham Tien Dung, CEO of PV Drilling, said, "Vietnam has some 4.4 billion barrels in proven oil reserves and we produced some 370,000 barrels a day last year. Our vision is for Vietnam to become a major oil and gas exporter in South East Asia, and PV Drilling V is an important step for us in achieving our goal. Keppel FELS has been a reliable partner and we look forward to leverage their expertise and experience in building technologically advanced rigs to support this growth."

Mr Tong Chong Heong, CEO of Keppel O&M, said, "We pleased to deliver another first of its kind rig to Vietnam and PV Drilling. Our award-winning KFELS SSDT design is the ideal choice to meet the requirements for Vietnam's offshore environment.

"We look forward to support PV Drilling as it expands its fleet to capture the growth of Vietnam's oil and gas industry. Our track record of providing solutions and consistently delivering quality products on time, within budget and in a safe manner has stood us in good stead in our long term partnership."

Keppel FELS has been involved in the Vietnamese offshore market for 25 years, having completed the Hoang Sa, a 1,200-tonne floating crane in 1984. It delivered Vietnam's first jack-up rig, the Tam Dao I in 1988 and was responsible for PV Drilling's modern fleet of three KFELS B Class jackup rigs. The first KFELS B Class jackup for Vietnam, PV Drilling I, was delivered in 2007 and the latest, PV Drilling III, in November 2009.