Thursday, August 18, 2011

Keppel seeks higher rig prices




Keppel Corp., the world’s biggest offshore oil-rig maker, said it may win higher prices because of rising raw-material costs and increasing investment in exploration.

Prices for offshore units are “moving up a little bit,” Chief Executive Officer ChooChiauBeng said in an interview in Singapore yesterday, without elaboration.

“When costs go up, prices have to go up otherwise the service provider cannot justify their existence.”

About $205 billion may be spent on deepwater projects in 2011 to 2015, 79 percent more than the previous five years, according to Douglas- Westwood Ltd., a U.K.-based energy consultant.



Published : August 18, 2011

Source: Asiasis





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