Keppel Hitachi

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.

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

Keppel Philippines Appoints New Execs.

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

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

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

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

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

Bergesen Takes Two More From Hitachi Zosen

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

First ME engine built in Japan by HZ

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.

JFE to Raise Stake in Shipbuilding

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