A Singapore Story: Getting Out Of The Modern Day Poverty Cycle - Singapore was ranked as the world’s most expensive country in 2017. Singaporeans generally complain about it over a few months but it becomes an afterthoug...
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Even though the rigs came with the option for two more units, Falcon still ordered a KFELS super B-class rig, suggesting that proven designs could be more in favour.Falcon Energy is a new customer for Keppel with two jack-ups already on order in China. Besides the units already signed for, the company stated it is "positioning itself to expand its fleet of premium drilling rigs for the market."
In early 2013, Falcon Energy entered into agreements with PetroVietnam Drilling and Well Services to set up JVs in Singapore, focusing on providing drilling services. The PetroVietnam JVs are likely to take on the jack-ups that are currently being built by CMHI. However, with more opportunities from international national oil companies in the pipeline, quality and proven track record could be the reasons why Falcon is returning to home ground and ordering the rig from Keppel.Jack-up rigs make up more than 85% of Keppel Corp’s YTD orders, suggesting unabated demand in the industry. YTD, a total of 20 units have been ordered globally compared to a total of 15 in 2012.
Singapore yards have clinched 10 of the 20 units ordered YTD while Chinese yards secured the other 10.