Keppel Clinches FPSO Conversion Contract

Wednesday, March 23, 2005
Keppel Shipyard, a wholly-owned subsidiary of Keppel Corporation Ltd, has secured a Floating Production Storage & Offloading (FPSO) hull conversion contract worth S$84 million from Marathon Petroleum Company (Norway) on MST Odin.

The 87,000 dwt multi-purpose shuttle tanker arrived at Keppel Shipyard for the fast track hull conversion on 19 March.

Odin will undergo hull upgrading and modification works which involve procurement, construction and installation of the FPSO hull equipment, including shipboard marine systems, cargo, ballast, inert gas, crude oil washing, fire fighting and electrical and instrumentation.

The contract also entails the fabrication and installation of topside module support structures, green water protection, modification of the mid-ship moon pool into a cargo tank, turret cone/support structures and caissons for seawater lift pumps.

The vessel will be redelivered at the end of 2005 where it will be integrated with the processing facilities by Vetco Aibel, before deployment in the Alvheim field in the North Sea where the company expects to begin production during the first quarter of 2007. The partners of the Alvheim field are Marathon, ConocoPhillips AS and Lundin Norway AS.

Mr Peter Oswald, Alvheim Project Director said, “This is our first project with the yard, we look forward to a high quality job.”

Mr Nelson Yeo, Executive Director of Keppel Shipyard said, “This contract certainly strengthens our market leadership in FPSO/FSO conversions. We are committed to deliver Odin on time on budget.”

Marathon Petroleum Company (Norway) is a wholly owned subsidiary of Marathon Oil Corporation which is a fully integrated energy company engaged in worldwide exploration, development, production and transportation of crude oil and natural gas. Through its 62 percent ownership in Marathon Ashland Petroleum LLC, the company refines, markets and transports petroleum products in the United States.

Keppel Shipyard, a leading shiprepair and conversion yard, is a wholly-owned subsidiary of Singapore-listed Keppel Corporation through Keppel O&M. The Group has a network of 16 yards worldwide including the Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Kazakhstan, Middle East and the North Sea.

The contract secured is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year 2005.

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