JANUARY 28, 2013 — Cyprus based Dynamic Offshore Drilling will deploy its first rig next month in the Western offshore part of India under a five year contract for Oil and Natural Gas Corp (ONGC).

The $205-million rig KFELS B Class jack-up rig, named Dynamic Vision on Saturday, is set to be delivered from Singapore's Keppel FELS shipyard February 3. It will be delivered almost two months ahead of schedule, earning Keppel FELS a bonus of $1 million.

It is the first of the 20 offshore rigs that Keppel FELS is expected to deliver in 2013, a record number for any yard worldwide.

At Saturday's naming ceremony, Mr. Wong Kok Seng, Managing Director (Offshore), Keppel Offshore & Marine and Managing Director, Keppel FELS said, "We are pleased to be able to deliver our first rig of 2013 two months ahead of schedule. It augurs well for the rest of the 19 rigs that we expect to deliver this year. For the month of January alone, we are delivering three rigs. Our ability to deliver these rigs on time or ahead of time and safely is due to two factors; the continuous process and productivity improvements we have implemented in the yard; and the fact that the majority of the rigs being built are to our proprietary designs.

"In addition, we also have a very good partnership with Vision Drilling, having worked with their management team previously. Over the years, Keppel FELS has seen growing interest from Indian offshore and marine companies. Since 2003, they have ordered a total of ten jackup rigs, all of which are of the KFELS B Class design. We look forward to enhancing our relationship with them and continuing to service India's oil and gas market."

Mr. Naresh Kumar, Chairman of Dynamic Offshore Drilling said, "India's growing energy demand is driving the country to actively increase its offshore oil and gas production. The proven KFELS B Class jackup design, coupled with our established experience in offshore drilling, places Vision Drilling in a good position to meet this demand.

"In growing our fleet of high specification jackup rigs, we look to continue to, work with reliable shipyards and Keppel FELS has again lived up to its reputation as the world leader in rig building with this early delivery."

Built and optimized to meet the unique environmental requirements of India, Dynamic Vision is capable of operating in water depths of 350 feet and drilling down to 30,000 feet. Keppel's advanced and fully-automated high capacity rack and pinion elevating system and self-positioning fixation system have been incorporated into the design.