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.
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
Keppel Corporation Ltd.'s Group Finance Director, Teo Soon Hoe has been appointed Chairman of Keppel Philippines Holdings, Inc (KPH), following the retirement of Loh Wing Siew. Charles Foo, who currently serves as the managing director of Keppel Hitachi Zosen, will assume Loh's post as Chairman of Keppel Philippines Marine, Inc (KPMI) and Subic Shipyard and Engineering Inc (SSEI). Kevin Wong, who is the executive director and managing director of Keppel Land Limited (Keppel Land) in
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
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
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
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
Bergesen exercised an option to buy two more 296,000 dwt oil tankers from Japan's Hitachi Zosen Corp for a combined price of $140 million. "The vessels will be delivered in February and June 2002, and will be vessels number seven and eight delivered by Hitachi to Bergesen," Bergesen said in a statement. "The contract for the first six vessels was entered into earlier this year, and the first two vessels have already been delivered," it said
The first ME engine to be built in Japan, a 6S50ME-C, has been completed by Hitachi Zosen Corporation. The order was placed by Naikai Zosen for Nissho Shipping. The engine was recently presented to the guests at a ceremony at Hitachi Zosen. This engine is destined as the main propulsion engine for a product carrier. The invited audience of over 200 people, included owners, operators, yard personnel and business partners, noted that the engine was very quiet and produced very few vibrations.
According to reports, Japanese steelmaker JFE Holdings Inc said it has reached an agreement with shipbuilder and engineering company Hitachi Zosen Corp to turn their shipbuilding joint venture into a JFE subsidiary. JFE will acquire an additional 34.9 percent stake in Universal Shipbuilding Corp, its 50-50 joint venture with Hitachi Zosen, for 34.9 billion yen. With the deal, JFE's stake in Universal Shipbuilding will increase to 85 percent while Zosen will hold the remaining 15 percent
Nakilat-Keppel Offshore Marine (N-KOM) has signed a fleet agreement with Samos Steamship Company, under which N-KOM will be the preferred shipyard in the Middle East for the repairs of all vessels owned by Samos Steamship Company. The Greek shipping company is an existing client of N-KOM
The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically found in the vicinity of the Singapore Botanic Gardens. Located in the upcoming Learning Forest extension, the restored 1
Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Kraken Pte Ltd (Armada Kraken), a wholly owned subsidiary of Bumi Armada Berhad (Bumi Armada)
Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered Floatel Triumph, a fifth high-specification accommodation semisubmersible (semi), to Floatel International Ltd (Floatel). The semi, which is built to Keppel's proprietary SSAUTM5000NG design
Keppel FELS Brasil Secures MODEC FPSO Project Keppel Offshore & Marine Ltd, through subsidiary Keppel FELS Brasil SA's BrasFELS shipyard, has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC
Radio Holland, member of RH Marine Group, was awarded a FLNG project from Keppel Shipyard in Singapore. The contract encompasses an Offshore Telecommunication System package for the Golar Hilli LNG carrier, which is being converted into a Floating Liquefied Natural Gas (FLNG) unit
McDermott International, Inc. formally named its flagship Derrick Lay Vessel 2000 (DLV 2000) during a ceremony at the Keppel Singmarine Shipyard in Singapore. Brenda Cuthbertson, wife of 38-year McDermott employee and Asia Area Vice President Hugh Cuthbertson
Keppel Corp., the world’s largest builder of oil rigs, posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.
Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces prolonged uncertainty on contracts from its biggest client, Sete Brasil, whose shareholders have approved its bankruptcy.
Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International Corporation's offshore product division, which comprises the LETOURNEAU jackup rig designs, rig kit business
Investment management firm EIG Management Co added Brazil's engineering conglomerate Odebrecht SA and a few other shipyards in its $221 million fraud suit against Petroleo Brasileiro SA. EIG, in a filing on Wednesday, alleged that Odebrecht SA and other shipyards along with Petrobras misled the
Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) has secured four contracts worth a total of about S$120 million from repeat customers. Mr Michael Chia, Managing Director (Marine & Technology) of Keppel O&M, said
Keppel Corp Ltd said it entered into an agreement with Royal Dutch Shell to form a joint venture company, which will establish a liquefied natural gas (LNG) bunkering business in Singapore. The two companies will have a 50 percent stake each in the joint venture
Keppel Corp Ltd has entered into an agreement with Royal Dutch Shell to form a joint venture company, which will establish a liquefied natural gas (LNG) bunkering business in Singapore, says a report in Reuters. The two companies will have a 50 percent stake each in the joint venture
Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to build three Trailing Suction Hopper Dredgers (TSHDs). The TSHDs are worth about S$100 million in total.