05 Jun 2011

Keppel on track to deliver P-56 to Petrobras

The consortium of Keppel Offshore & Marine Ltd (Keppel O&M) and Technip Engenharia S/A is on track to deliver the P-56 Floating Production Unit (FPU) to Petrobras Netherlands BV (PNBV), safely, on time and within budget.

The first FPU completely built in Brazil, P-56 achieved 9 million man-hours without lost time incidents. With a displacement of 50,000 tonnes, this massive FPU, one of the world's largest, measures 110 metres in length and width, and 125 metres in height.

Brazilian President HE Dilma Rouseff witnessed the christening of P-56 by congresswoman Luiza Erundina at Keppel FELS Brasil's BrasFELS shipyard in Angra dos Reis. Also present were the Governor of Rio de Janeiro, Mr Sergio Cabral, Petrobras' President Mr Jose Sergio Gabrielli, Keppel's management and over 8,000
Brazilian shipyard workers.

Mr Choo Chiau Beng, Chairman of Keppel O&M and non-resident Ambassador of Singapore to Brazil said, "P-56 is a shining example of the technology expertise and execution capabilities built up by BrasFELS and Brazil's offshore and marine industry. This achievement has been built up incrementally through previous projects such as the P-52 and P-51 FPUs. Today, we have turned vision into reality in establishing Brazil as a centre for world class shipbuilding, with the first 100% Brazilian-built rig.

"We are proud to be able to support Brazil and Petrobras as they grow their fleet of highly capable production units. Through our near market, near customer strategy, Keppel remains committed to Brazil and her comprehensive oil and gas development programme to increase output from Brazilian oil fields with significant local content."

When completed, P-56 will be capable of processing and treating 170,000 barrels of liquids and 100,000 barrels of 16º API oil, 6 million cubic meters of natural gas, and of injecting some 280,000 barrels of water in the reservoir. P-56 will be positioned at depths of 1,670 metres off the Marlim Sul field in the Campos basin.

P-56 is another significant milestone in a series of firsts achieved by Keppel in Brazil since its BrasFELS yard was established in 2000. Notably, BrasFELS carried out the first ever in-country FPSO conversion of P-48 and delivered the P-52, the first project for which Petrobras imposed a minimum 60% local content requirement.

This was followed by the delivery of P-51 in 2008 and the Floating Production Storage and Offloading vessel (FPSO), P-57, in October 2010. P-51, P-52 and P-57 were done in collaboration with Keppel's yards in Singapore and the synergy enabled significant technological and knowledge transfers to Brazil.

Mr Choo added, "We have a longstanding partnership with Brazil having delivered 19 major projects since 1994 for the country, five of which were completed in BrasFELS. Over the years, we have been equipping BrasFELS and training our workers to take on more sophisticated jobs. We are committed to continue deepening our roots here and be the choice provider of solutions to the Brazilian market.

"One of the most comprehensive offshore and marine facility in Latin America, BrasFELS has an established track record that Petrobras and our customers can rely on to provide local content and support Brazil's requirements as a net oil exporter."

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ABOUT KEPPEL FELS BRASIL

Keppel FELS Brasil is a wholly-owned subsidiary of Keppel O&M. It operates BrasFELS yard in Angra dos Reis, which is one of the most comprehensive shipyard in the Southern Hemisphere.

A global leader in offshore rig design construction and repair, ship conversion and repair as well as a specialised shipbuilder, Keppel O&M is a wholly-owned subsidiary of Keppel Corporation. Its near market, near customer strategy is bolstered by a global network of more than 20 yards and offices 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.

For further information, please contact:

Singapore
Ivana Chua
Senior Manager
Group Corporate Communications
Tel: +65 6413 6436
Email: ivana.chua@kepcorp.com

Brazil
Marcio Ferreira (Mr)
Press Advisor
Keppel FELS Brasil
M: +55 21 7816 9593 / +55 21 9315 7974
Email: marcioferreira@hotmail.com or assessoria.imprensa@kfelsbrasil.com.br

This press release is available on www.kepcorp.com and www.keppelom.com

Attachments:

Download - Speech of Brazilian president, Dilama Rouseff

Download - Speech of Mr Chow Yew Yen, Managing Director of Keppel Offshore & Marine