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Keppel wins oil rig project
SINGAPORE (Reuters) -- Singapore ship repair conglomerate Keppel Corporation Ltd said on Friday it has clinched a $105 million oil rig project from U.S.-based drilling and marine transport service provider ENSCO International Inc. Keppel said its unit Keppel FELS will build, own and operate the jack-up rig with ENSCO, and this will be completed by the first quarter of 2005. Keppel will own 75 percent of the rig and ENSCO the balance, though the latter will have an option to buy out Keppel's interest prior to the delivery and for two years after delivery. Keppel said the alliance arrangement was not expected to have any significant impact on net tangible assets or net earnings for fiscal 2003. "It is positive for Keppel and should contribute to some earnings in 2004," said Janice Chua, analyst at DBS Vickers Securities.
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