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    ENSCO JV to build new jack-up

    News // March 14, 2003
    ENSCO International Incorporated has announced that one of its principal subsidiaries has agreed upon terms for a joint venture with Keppel FELS Limited to acquire, for $26.25 million in cash and project management services, a 25 per cent ownership interest in a new high performance premium jack-up rig to be constructed by Keppel FELS in Singapore, and expects to execute and deliver definitive agreements shortly.

    The rig, to be named the ENSCO 106, will be an enhanced KFELS MOD V (B) design, modified to ENSCO specifications, capable of addressing more demanding applications on a global basis. The enhanced design will be designated as the "BIGFOOT"(TM).

    The total agreed cost of the rig will be approximately $105 million. In addition to its initial 25 per cent ownership, ENSCO will have an option to purchase the remaining 75 per cent interest in the rig prior to delivery and for two years after delivery.The option price will be based on the agreed cost until rig delivery, and thereafter will be subject to modest escalation during the two- year option period.

    Following delivery, which is expected in the first quarter of 2005, ENSCO will market, manage and operate the rig under charter from the joint venture.

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