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Keppel Hitachi News

01 Oct 2001

Keppel Hitachi Zosen Delivers Semi-tender Rig

Keppel Hitachi Zosen (KHZ) has delivered a Semi-Submersible Self-Erecting Tender Rig (SSETR) to Smedvig Asia Ltd (Smedvig). The SSETR was named West Alliance by Mrs. Patricia Chan, wife of Mr. Chan Heng Wah, Drilling Manager of Esso Production Malaysia Inc, at a naming ceremony held in Keppel Shipyard on September 29, 2001. West Alliance has a one plus one optional year drilling contract with Esso Malaysia, which is scheduled to commence in early November this year. Following the exercise of its option, Smedvig will own 100 per cent of West Alliance, and bring the total capital expenditure of the rig to about $85 million. West Alliance represents the newest generation of SSETRs, incorporating the latest technology and equipment.

09 Oct 2001

Keppel To Restructure KHZ Under Keppel FELS

Keppel Corporation Limited (KCL) will restructure Keppel Hitachi Zosen Limited (KHZ) under Keppel FELS Limited (Keppel FELS), the rig building and repair arm of Keppel FELS Energy and Infrastructure (KFEI), to create a global leader in servicing the international marine and offshore market. KCL will transfer its entire 61% interest in KHZ to Keppel FELS immediately upon completion of the privatization of Keppel FELS Energy & Infrastructure Ltd (KFEI) in early to mid November this year. Shareholders of KFEI have given their approval for the delisting of the company on October 5. KCL Executive Director Choo Chiau Beng, said, ?The restructuring…

05 Nov 2001

Smedvig Buys Keppel’s Interest in Rig

Smedvig Asia has exercised its option to purchase Keppel Hitachi Zosen’s (KHZ) interest in the semi-submersible tender rig, West Alliance, for US$61.5 million on November 2, 2001. In mid August this year, Smedvig Asia had announced its intention to purchase KHZ’s stake in the rig once the vessel commences operations. With the exercise of its option, Smedvig Asia now owns 100 percent of West Alliance. West Alliance, now deployed in East Malaysia under a contract with Esso Malaysia, was successfully built and delivered by Keppel Shipyard, a member of the Keppel Group, in October 2001.

31 Oct 2001

Keppel FELS In Azerbaijan

Keppel FELS, a member of the Keppel Group, has successfully established a foothold in Azerbaijan through its joint venture yard, Caspian Shipyard Company. The world leader in the construction of jack-up rigs celebrates the first operating birthday of its rig built in the Caspian Sea. Keppel FELS retraces its trailblazing record as the first Singaporean company to build jack-up rigs there. “This is not business as usual, but it’s our business. We conduct it with a ‘can do’ attitude…. “Caspian Shipyard Company has established an industry capability that will have long term benefits to the country and the Caspian Region… It is the industry expectation that Caspian Shipyard will continue on to become a strong regional player…

30 Nov 2001

Keppel FELS Signs Contracts with Diamond Offshore

Keppel FELS Limited (KFELS), the offshore arm of the Keppel Group has secured contracts worth a total of $77 million from Diamond Offshore Drilling Inc for the upgrades of a semi-submersible, Ocean Rover and a jack-up rig, Ocean Tower. This comes after a $34 million contract from Diamond Offshore for the upgrading of four jack-up rigs in July this year. These contracts were secured as a result of KFELS’ services and the outstanding work it is performing on Ocean Baroness, presently in the final stages of an extremely challenging deepwater upgrade in KFELS’ Pioneer Yard in Singapore. Tong Chong Heong, managing director of KFELS said, “We are very pleased that Diamond Offshore has chosen us to be a partner in the enhancement of their fleet of vessels.

31 Jul 2000

Shipyards Hold “Informal” Merger Talks

Keppel Hitachi Zosen reportedly had informal merger discussions with rival SembCorp Marine today. "...we have had informal discussions with SembCorp Marine but we have not come to grips with any hard figures yet," chairman designate of Keppel Hitachi Choo Chiau Beng said following the shipyard's half year results. Singapore is estimated to have an excess shipyard capacity of 20 percent, mostly from the new floating docks commissioned in the last five years. He said Keppel Hitachi might look to sell its excess capacity including its Philippines shipyard, to improve profitability. As for Keppel's rig building arm Keppel FELS, it is targeting to achieve 12 percent return on equity by 2003.

28 Jun 2000

Keppel Shipyard To Build Semi-Tender For Smedvig

Keppel Shipyard entered into a co-operation agreement with Smedvig Asia recently to build a Semi-Submersible Self-Erecting Tender Rig (SSETR), a contract with a total estimated worth of $82.5 million, $59.5 million of which is Keppel’s share. For its part, Keppel Shipyard will build and own the semi-submersible hull, while Smedvig owns the derrick equipment set. 10-year period. It can also purchase the semi-submersible hull within this time frame. increased deckload and mooring for deeper water. capitalize on the present lower cost of construction, said Nelson Yeo, Executive Director of Keppel Hitachi Zosen.

13 Jul 2000

Keppel Hitachi Zosen Wins $74.6 million Contract

Keppel Hitachi Zosen has clinched a contract to build two cable laying and repair vessels for a total contract value of more than $74.6 million from C. S. Tycom Reliance, Inc., a subsidiary of Tyco Submarine Systems Ltd. The construction of the cable laying and repair ships will be performed by Hitachi Zosen Singapore, a division of Keppel Hitachi Zosen. Work on the two newbuildings has commenced, with the first vessel scheduled for delivery in the third quarter, and the second vessel in the fourth quarter of 2001. The cable laying and repair vessels, each 7,8000-dwt, are twinscrew, diesel electric-driven and dynamically positioned ships. Measuring 459 ft. (140 m), a breadth of 69 ft. (21 m), with a designed load draft of 25 ft. (7.8 m), the vessels have a speed of 13.9 knots.

15 Sep 2000

Keppel Hitachi, Fels May Merge Offshore Business

Shipbuilder Keppel Hitachi Zosen Ltd. reportedly is in discussions to merge its offshore business with sister company Keppel Fels Energy Infrastructure Ltd., a maker of oil rigs and ships. The activity is presumably spurred by the market reality of increasingly cheaper ship and rig building options available.

09 Oct 2000

Keppel Wins $17M Contract

Keppel Shipyard, a member of the Keppel Hitachi Zosen Group, won a $17 million contract from Blue Ice Shipping Corporation to convert a container vessel into a livestock carrier. Maysora -- a 643 x 93 x 52.8 ft. (196 x 28.4 x 16.1 m), 24,515 dwt container vessel will be converted into a fully outfitted livestock vessel with a minimum carrying capacity of 70,560 sheep and 5,640 cattle. Mr Charles Foo, Managing Director of Keppel Hitachi Zosen said, "We were awarded this job based on our competitive pricing and wealth of experience in conversion projects, specifically livestock carrier conversions. During the conversion, Keppel Shipyard will increase Maysora's carrying capacity by maximizing all available space in the vessel.

19 Oct 2000

Keppel Shipyard Is Awarded Jumboization Contract

Keppel Shipyard, a member of the Keppel Hitachi Zosen Group, has secured a $3.9 million jumboization contract from Baggermaatschappij Boskalis bv (Boskalis), an operating arm of the Royal Boskalis Westminister Group in the Netherlands, to upgrade their Trailing Suction Hopper Dredger, Seaway for enhanced dredging capabilities. Upon completion, the Seaway will work on several reclamation projects in Singapore and the region. Keppel Shipyard's scope of work on the Seaway includes the fabrication and installation of a new 105 ft. (32 m), 1,100-ton mid-body section in the ship. In addition, the dredging and power management systems will undergo extensive modifications to cater to the increase in dredging depth from 115 x 190 ft. (35 to 58 m).

27 Nov 2000

Keppel Shipyard Clinches Jumboization Contract

Keppel Shipyard has secured a S$7 million contract from Smedvig Asia for the jumboization and upgrading of their Drilling Tender Barge, Robray T7. On completion of the works, Robray T7 will have enhanced capabilities and will be deployed for offshore operations in Thailand. Nelson Yeo, Executive Director of Keppel Hitachi Zosen said, "This is the second jumboization project we have secured this year, and it is testimony to our customers' confidence in our expertise and our ability to deliver quality work at competitive prices." Keppel Shipyard's scope of work on Robray T7 includes the widening of the vessel by 30 feet at the starboard side from the forward to the aft…

27 Nov 2000

Keppel Hitachi Zosen Tapped To Build Harbor Tugs

Keppel Hitachi Zosen, through Keppel Singmarine Dockyard, will build two harbor tugs for S$17 million for the Abu Dhabi Sea Port Authority, Port Zayed in the United Arab Emirates. Both tugs are expected to be delivered in the fourth quarter of 2001. The steel-hulled, twin-screwed, diesel motor-driven harbor tugs will be built to a length overall of 33 meters, a breadth of 10 meters, a depth of 5 meters, and a draft of 4 meters. The tugs will have a bollard pull of 50 tons, and a maximum speed of 13.8 knots. Lum Chee Kong, General Manager of Keppel Singmarine Dockyard said, "Keppel Singmarine's strength lies in the construction of a wide range of tugs and smaller specialized vessels.

13 Nov 2000

Keppel Hitachi Zosen Garners $161 Million Contract

Singapore-based ship repairer Keppel Hitachi Zosen Ltd said on Monday it won a contract worth about $161 million to build four cable-laying and repair vessels for TyCom Ltd. The company said in a statement that each of the 7,800 dwt ships would be used for installation and maintenance of the Tycom Global Network, a worldwide undersea fiber optic system being deployed by TyCom. Keppel Hitachi had already been awarded an earlier contract in April for two cable-laying and repair vessels. It said the first two vessels would be delivered in 2001 and the other four through 2002

12 Dec 2000

Rolls-Royce Wins $150M Marine Contracts

Rolls-Royce has won ship design and equipment supply contracts for offshore service and cable-laying vessels, worth approximately $150 million over the last three months, including its biggest-ever commercial marine order. Dr. Saul Lanyado, President -- Marine, Rolls-Royce, said: "This is a significant step for Rolls-Royce. Development of the marine business is key to the future strategy of the group. These orders demonstrate a growing demand for specialist offshore vessels. The largest single order ever won by the commercial marine business of Rolls-Royce is from Aker Brattvaag, supplying ship designs and equipment for seven offshore service vessels, worth 33 million pounds.

17 Jan 2001

AHI Opens 30,000 dwt Drydock In UAE

30,000 dwt drydock in Ajman, United Arab Emirates. Said AHI's Chairman, Mr Obaid Ali Al Muhairi, "The opening of the Al Zora Drydock consolidates AHI's position as the premier medium-size shipyard in the Gulf. The demand for the drydock has been encouraging since it commenced operations in mid November 2000. To date, it has docked a total of seven vessels, the largest of which is M.V. Arabella, a 26,000 dwt bulk carrier from Seven Seas Maritime Limited, based in the U.K. Built within a year at an investment of DH. $20 million, the dock is equipped with modern facilities for enhanced operations and improved flexibility. Measuring 175 x 32 m, the drydock has an extra wide beam allowing it to accommodate a wider range of tonnage of up to 30,000 dwt.

06 Feb 2001

Keppel Hitachi Zosen Wins Contracts

Keppel Hitachi Zosen Ltd. clinched contracts worth S$60 million. Keppel Hitachi will undertake the construction of a multi-purpose supply vessel for France-based SURF, a member of the maritime branch of the Bourbon Group. It is expected to be delivered in the second quarter of 2002. It will also convert a tanker into a floating production storage and offloading vessel for Nortrans Offshore (S) Pte Ltd, which is expected to be completed in the third quarter of 2001. Keppel Hitachi said it had an order book with a total value of S$614 million.

05 Feb 2001

Keppel Earnings Strong

Singapore conglomerate Keppel Corporation (KepCorp) and its units will report record profits over the next week, but a lack of progress on the restructuring front will stifle a return of investor interest, analysts say. Funds have neglected KepCorp, once considered a proxy for Singapore because of its interests ranged from telecoms and ship-repair to banking and property, and its shares are now drifting near the bottom of their historical trading range. Analysts expect the group, in which the government has a 32 percent stake, to report another year of record profits for 2000, topping 1999's $127 million. KepCorp's seven listed subsidiaries are Keppel Land…

13 Feb 2001

SembCorp Posts Small Profit Rise

SembCorp Marine Ltd. (SCM), Singapore's largest ship repairer, posted a small rise in its 2000 net profit, in line with market expectations. SCM, 63 percent owned by conglomerate SembCorp Industries Ltd. with a market value of about S$1.1 billion, said last year's net profit was S$80.16 million, up 2.3 percent from 1999. Its bottom line was boosted by a one time gain of S$6.5 million from the sale of shares in Jurong Technology Industrial Corp. early last year and a writeback of tax over provisions of S$4.7 million. Analysts have a consensus 2000 forecast of S$81.5 million, according to Multex Global Estimates. The forecasts ranged from a low of S$71.5 million to a high of S$86.8 million.

09 Feb 2001

SembCorp To Post Modest Gains

SembCorp Marine, Singapore's largest ship repairer, is expected to post a modest rise in 2000 earnings, boosted mainly by gains from divestment of a small technology company. SembCorp Marine, a unit of government-linked SembCorp Industries with a market value of about S$1.1 billion ($630 million), is due to report its earnings on Tuesday. Analysts said they expected SembCorp Marine to fare much better than its smaller rival Keppel Hitachi, which reported a 50 percent slide in 2000 earnings due to a weak ship repair market. "SembCorp Marine has a lot more long-term contracts with customers like NOL (Neptune Orient Lines), so that has helped them," said an analyst at Kim Eng Securities. The analyst is forecasting a four percent rise in net profit to S$82.1 million from S$79 million in 1999.

09 May 2001

Merger Talks In Singapore

Shares of Keppel Hitachi Zosen Ltd. and Keppel FELS Energy & Infrastructure Ltd. surged on market talk the two units of the Singapore conglomerate Keppel Corp. would be merged. Ship repair specialist Keppel Hitachi jumped as much as 47 percent to an eight-month high of S$0.575 before moving back to S$0.51, up 12 cents, in moderate trade of 3.7 million shares. KepFELS, which also has a marine business, rose eight cents to S$0.935 after surging as much as 17 percent earlier to S$1.00 -- a level not seen since the middle of March. Volume was high with more than 10 million shares traded. "The rumours are not new. It seems that day traders were riding the wave," said a senior trader at a local brokerage. A Keppel official said she was "not aware of any corporate development".

09 Mar 2000

High Times Again in Singapore?

Singapore, once revered for its seemingly insurmountable edge in the ship repair and conversion business, has fallen on harder times in recent years. The forces which have slowed the area's break-neck pace of expansion and dominance are not at all unfamiliar to shipbuilders and repairers in the U.S. and Europe: rising land and labor costs, corporate consolidations and a seemingly endless stream of cut-rate competitors. According to recent financial reports from the area, though, it appears that Singapore's two ship repair yards, Keppel Hitachi Zosen Ltd. and SembCorp Marine Ltd., have found the balance to reign supreme once again. The companies were expected to report modest profit growth after almost two years of restructuring and consolidation.

11 Feb 2000

Singapore Yards Back on Track?

Singapore's two ship-repair yards, Keppel Hitachi Zosen Ltd. and SembCorp Marine Ltd., are expected to report modest profit growth after almost two years of restructuring and consolidation. Keppel Hitachi Zosen was expected to turn in profit of about S$33 million for 1999 after a S$65 million loss for the nine months ended December 1998, analysts said. SembCorp Marine, due to release results today (Feb. 14), should post a 10 percent rise in earnings of between S$78 million and S$80 million against 1998 profit of S$71.81 million. Squeezed by rising land and wage costs, Singapore's shipyard industry underwent a consolidation in 1997 and 1998 that saw the city state's main players reduced to two from four.

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