AT THE NAMING CEREMONY OF GOLDSTAR ON

29 AUGUST 2009, SATURDAY

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Gracious Lady Sponsor, Mrs Fiona Steane;

Guest of Honour, Rear Admiral (NS) Minister Lui Tuck Yew;

Ambassador of Brazil, Paulo Alberto da Silveira Soares;

Dr Lee Boon Yang,, Chairman of Keppel Corporation;

Mr Choo Chiau Beng, Chairman of Keppel FELS;

Mr Tong Chong Heong, CEO of Keppel FELS;

Distinguished Guests;

Ladies and Gentlemen;

Good morning and a warm welcome,

Queiroz Galvão Oleo e Gas was founded in 1980. We started in the energy business rendering onshore drilling services for Petrobras in Brazil.

As the majority of the oil and gas activity in our country was directed to the offshore, our company started its marine activities in 1994, when we purchased and began operating the semisubmersible drilling unit Alaskan Star.

Today, the company owns and operates 3 drilling semisubmersibles, 1 FPSO in partnership with SBM and 6 onshore drilling rigs.

The last 4 years have seen a very strong increase in ultra deep water activity in Brazil and other oil provinces of the world, so our company decided to increase investments in this area of the business with the construction of 3 ultradeep water drilling units.

We have gathered here to celebrate the successful completion of construction on the first of these units: the semisubmersible drilling rig Gold Star.

In July 2006, after approximately 6 months of technical and commercial hard work, we selected Keppel Fels to build this rig, with the DSS-38 design. After that, during the last 3 years, some very important steps were taken: financing for the huge investment made, was negotiated; owner furnished equipment was purchased; supervision and operational teams selected and contracted.

I think all the efforts made has given tremendous returns to Queiroz Galvão, I wish to congratulate Keppel Fels for successfully meeting the milestones of our project on time. We are sure the last phases before the Gold Star departs to Brazil will also be completed successfully, which as we witnessed in this project, is the policy of this shipyard. Confirming our company's satisfaction with Keppel's performance, we ordered last year, a sister unit to be named the Alpha Star, which will bedelivered by Keppel Fels in 2011. We strongly believe that also the success of our second project will strengthen the partnership between Keppel and QGOG towards to future projects.

I have a very large number of people to thank for participating in this project..."

a)Keppel O&M Management

b)Keppel Fels Managment (Michael Chia, Wong Kok Seng, Chor How Jat, Chandru Sirumal Rajwani and Aziz Amirali Merchant, AC Lim).

c)Keppel Fels Project Team (Boon Hwee Woo, B G Chan, Yan Ling Lim, Reynard Xiao Peng, Mim Wai, Loke Sai Wai, Roy Tan and many others...)

d)QGOG Vendors (NOV - special thanks to J.D. Murchison and Michael Johnston, Hydril, Schlumberger, WOM and many others...)

e)Keppel Fels Vendors (EMDSI, Flowserve, Kongsberg, Keppel Norway and many others...)

f)ABS (special thanks for Marcus Moura and Franz Schaefer)

g)Gold Star Project Team (Rodrigo Ribeiro, Charles Gallotti, Astrid Barros, Olivier Le Touzo, Roger Gagnon, Wolfgang Schuetz, Cristiano Azeredo, Paulo Elias, Henry Lingiswaran all the inspectors...)

h)The Rig Crews that has been working very hard so far and also has an enormous responsibility from now on.

i)All the Subcontractors, workers and engineers

We would also like to thank the Brazilian Embassy for their assistance and support to our personnel in Singapore, specially the AmbassadorPaulo Alberto da Silveira Soares.

Finally, we would like to thank the media for their support and express our appreciation and gratitude to all that are present at this ceremony.