SINGAPORE: Keppel said its unit, Keppel FELS, has been chosen by PetroVietnam Drilling and Well Services Corporation to build the country's first semi-submersible drilling tender assist rig worth about US$200 million.

The formal rig contract is expected to be finalised by next month with delivery of the rig targeted for the fourth quarter of 2011.

PV Drilling will operate the rig for Bien Dong Petroleum Operating Company in the Nam Con Son Gas Project for four and a half years with an option for extension.

This project is an integrated gas-to-power development that delivers natural gas supplies from the offshore fields to Vietnam's Phu My power complex through a 230-mile subsea pipeline.

Keppel said the contract is not expected to have any material impact on its net tangible assets or earnings per share for the current financial year. - 938LIVE/vm