13 Aug 2011

Keppel to deliver the first FPSO for Brazil’s OSX

Keppel Shipyard Ltd (Keppel Shipyard) is on track to complete the modification and upgrading works on FPSO OSX-1, the first floating production storage and offloading (FPSO) unit for OSX Brasil S.A. (OSX).

Chartered to OGX Petroleo e Gas Participacoes S.A. (OGX), FPSO OSX-1 will be deployed in the Waimea field, in Campos Basin, offshore Brazil. This project will deliver OGX's first oil, just four years after the company was founded. Production is expected to commence in the last quarter of this year.

Lady Sponsor Cristina Pinto named the vessel today in the presence of Mr Joao Ziccardi Navajas, Minister Counsellor at the Embassy of Brazil in Singapore, and Mr Reinaldo Belotti, Production Director of OGX.

Mr Carlos Bellot, Director of Engineering, Leasing and Operations of OSX, said, "FPSO OSX-1 is our first unit, and was developed to meet OGX´s demand. With a strong track record in FPSO projects, Keppel Shipyard is the choice yard for the modification and upgrading of FPSO OSX-1. The unit was accorded dedicated and professional services, and I am confident that it will be an asset to OGX and the Brazil's oil and gas industry."

Keppel Shipyard's work scope on FPSO OSX-1 includes fabricating, modifying and upgrading the topside process modules. The yard had partnered sister company DPS (Bristol) Ltd to undertake detailed engineering and procurement work for the topside modules.

OSX had engaged BW Offshore Ltd (BW Offshore) for project management, engineering services and technical guidance services for this project.

Mr Nelson Yeo, Managing Director of Keppel Shipyard, said, "We are honoured to have been selected to work on OSX's first FPSO unit. Through our close collaboration with OSX and BW Offshore, we have made steady progress on this project and ensured no lost-time incidents. We will continue in our efforts towards a safe and successful delivery."

Previously named Nexus-1, the FPSO OSX-1 is expected to leave the yard in the third quarter of 2011.

Keppel Shipyard was also recently awarded the conversion of FPSO OSX-2 by Single Buoy Moorings Inc (SBM), which had been contracted by OSX to supply a FPSO for OGX's field in Campos Basin, offshore Brazil.

For more information, please contact:

Media

Eva Ho
Deputy General Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413 6424
Email: eva.ho@kepcorp.com

Investors Relations

Chua Ying Ying
Assistant General Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413 6295
Email: yingying.chua@kepcorp.com

About Keppel Shipyard
Keppel Shipyard is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, shiprepair 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.

About OSX
OSX Brasil S.A. (OSX) is a Brazilian publicly held corporation focused on the supply of equipment and services to the offshore oil and gas industry, through integrated operations in shipbuilding, chartering of exploration and production (E&P) units, and operation and maintenance (O&M) services. www.osx.com.br

About OGX
OGX Petróleo e Gás Participações S.A. (OGX) is a Brazilian publicly held corporation focused on oil and natural gas exploration and production. OGX has a diversified, high‐potential portfolio, comprised of 29 exploratory blocks in Brazil, and 5 exploratory blocks in Colombia. The company is conducting the largest private sector exploratory campaign in Brazil. www.ogx.com.br

About BW Offshore
BW Offshore is a leading global provider of floating production services to the oil and gas industry. With the acquisition of Prosafe Production in 2010, the company has become the world's second largest contractor with a fleet of 15 FPSOs and 2 FSOs represented in all major oil regions world-wide. BW Offshore has an excellent track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In 30 years of production, BW Offshore has successfully executed more than 30 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange.

About DPS (Bristol)
DPS (Bristol) Ltd (DPS) is a leading engineering design consultant and integrator of process technologies and production topsides. DPS provide the basic and detail engineering design and project management services necessary for executing upstream oil & gas projects in both offshore and onshore environments.