12 Apr 2011

Keppel bags offshore & marine jobs worth S$240 million from global customers

Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiaries in Singapore, has clinched new contracts totaling S$240 million from international customers.

These entail building a new multi-purpose dive support construction vessel for SBM Offshore as well as modifying and upgrading a Floating Production Storage and Offloading (FPSO) vessel for Petrofac.

Mr Nelson Yeo, Managing Director (Marine) of Keppel O&M, said, "These new contracts reflect the confidence of our customers in the capabilities of the Keppel O&M group. We are proud of the solid partnerships built with faithful customers who turn to our yards worldwide for their fleet expansion and upgrading needs.

"Looking ahead, I am confident that we will continue to strengthen the mutual trust and partnership with SBM Offshore and Petrofac with Keppel's commitment to quality and reliability."

Keppel Singmarine will build for SBM Offshore a prototype multi-purpose dive support construction vessel (DSCV) scheduled for delivery in 2Q 2013. This cutting-edge vessel combines capabilities of diving support, subsea construction and anchor handling, and features a DP III (Dynamically Positioned) system.

The DSCV will be equipped with a fully integrated 12-men saturation diving system that enables divers to work safely up to a depth of 300m, and a 250-tonne crane to support subsea oilfield development. It will also feature a 200-tonne double drum winch, four chain lockers and a stern roller for anchor handling functions.

Since 2000, sister company Keppel Shipyard has completed 13 FPSO and FSO projects for SBM Offshore with another four FPSO conversion projects currently underway.

Keppel Shipyard has also secured a fast-track project for the upgrading of a FPSO vessel from Petrofac International (UAE) LLC, a subsidiary of Petrofac. The upgrading of the ex-FPSO East Fortune includes refurbishment and life extension works, engineering, fabricating, installing and integrating new topside process modules, upgrading of spread mooring and auxiliary support systems.

Work has commenced in 1Q 2011. Designated for an oil and gas field offshore Peninsular Malaysia, this FPSO facility will be able to handle both oil and gas production.

The above contracts are not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

Keppel O&M, a wholly-owned subsidiary of Keppel Corporation Limited, is a leader in offshore rig design, repair and construction, ship repair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

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For further information, please contact

Wong Chai Yueh
Senior Executive
Keppel Group Corporate Communications
Tel: (65) 6413 6450
Email: chaiyueh.wong@kepcorp.com

 
This press release is also available at www.kepcorp.com and www.keppelom.com.