Keppel Awarded 3 Projects

Tuesday, March 31, 2009

Keppel Offshore & Marine Ltd (Keppel O&M), through Keppel Shipyard Limited (Keppel Shipyard) and Keppel FELS Brasil SA (Keppel FELS Brasil), has secured three contracts worth a total of about S$300m.

The first two projects, secured by Keppel Shipyard from repeat customers, are for the construction of a derrick lay barge and the modification of a Floating Production Storage and Offloading (FPSO) vessel. The third project is awarded by a new customer, Noble Drilling (Nederland) B.V., to Keppel FELS Brasil, through BrasFELS, for the completion of a deep drilling semisubmersible (semi).

Executive Director of Keppel Shipyard, Nelson Yeo said, "During these uncertain times, we are encouraged by the confidence shown to us by our repeat customers who appreciate our good quality and service. We look forward to the continued partnership and completing projects to their satisfaction.”

Bumi Armada Berhad (Bumi Armada) has contracted Keppel Shipyard for the construction of a derrick lay barge for pipe laying operations in waters of up to 100m in depth. It will be built in two separate hull strips and mechanically completed in Keppel Shipyard before being transported through the narrow Volga-Don River Canal System to a shipyard in the Caspian Sea for the joining of the vessel. The hull strips are expected to cross the canal by November 2009.

Bumi Armada, a long-standing customer of Keppel Shipyard is also currently converting their FPSO Armada Perdana at the yard.

The second project is from Single Buoy Moorings Inc (SBM) for the modification of FPSO Capixaba, which was a fast-track conversion carried out by Keppel Shipyard in 2006. The new work scope includes the installation of four new modules and the associated integration plus modification of the existing topsides and turret.

The FPSO is currently deployed in the Golfinho field, Brazil, and is expected to arrive at Keppel Shipyard in August, 2009. FPSO Capixaba will be modified and upgraded for operation in the Cachalote field in offshore Brazil. The vessel is expected to be back in operation in Brazil in early 2010.

Keppel Shipyard’s projects with SBM currently also include the major conversion of FPSO P-57 and FPSO Okha and the construction of FPSO Skarv’s internal turret for SBM.

At present, Keppel Shipyard is carrying out ten other major conversions and upgrading projects at its yards.

Over in Brazil, BrasFELS has secured a contract from Noble Drilling (Nederland) B.V. for the completion of an ultra-deepwater semi drilling rig named the Noble Dave Beard (the “Beard”), which is scheduled to arrive in Brazil at the end of the month.

The Beard is a dynamically-positioned (DP2) semi unit designed to operate in water depths up to 10,000 feet, with a drilling depth of up to 35,000 feet. The scope of work to be performed by Keppel FELS Brasil includes the mechanical completion of the Beard, as well as assisting in the commissioning and installation of customer specified equipment. Upon its expected completion in the fourth quarter of 2009, the Beard will be chartered to Petrobras for work in offshore Brazil.

Keppel FELS Brasil, a wholly owned subsidiary of Keppel Corporation Limited through Keppel O&M, operates BrasFELS yard in Angra dos Reis, which is the most comprehensive shipyard in the Southern Hemisphere.

Keppel Shipyard is a wholly owned subsidiary of Keppel Corporation, through Keppel O&M, a leader in offshore rigs, ship repair and conversion and specialized shipbuilding.

Keppel Offshore & Marine’s 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 in solutions for the offshore and marine industry.

The contracts are not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

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