Keppel Secures $139m Contracts

Monday, December 29, 2008
Keppel Singmarine delivered the first vessel, Seaways 12, to Seaways in November last year, safely and ahead of schedule.

Keppel Offshore & Marine Limited (Keppel O&M) through its wholly owned subsidiaries has clinched contracts worth $139m.

The new orders include the upgrading and conversion of a Floating, Storage and Offloading (FSO) vessel into a Floating Production, Storage and Offloading facility (FPSO Okha) by Keppel Shipyard for Single Buoy Moorings, the building of two RAmpage 5500 Z-M offshore support tugs by Keppel Singmarine for Seaways International Pte Ltd and the construction of three tugboats at Keppel Cebu Shipyard in the Philippines.

Work on the FPSO Okha is expected to commence in the first quarter of 2009 and will be completed in the fourth quarter of 2010. The facility is being developed for the Cossack Wanaea Lambert Hermes oil field 135 km northwest of Karratha in Western Australia.

The two DP2 multi tasking Anchor Handling Tugs (AHT), each with 100-tonne bollard pull, are due for completion in the first half of 2011 and will be deployed in West Africa, Asia or the Middle East. This is a repeat order from Seaways. Keppel Singmarine is currently building a similar AHT for the same owner for delivery in end 2009.

The construction of the three tugboats - two for repeat customer Keppel Smit Towage Pte Ltd and one for the Port of Salalah of Oman – signifies the further development of Keppel Cebu Shipyard as a specialised shipbuilding yard.

Mr Tong Chong Heong, currently Managing Director & Chief Operating Officer of Keppel O&M and Chief Executive Officer designate, said, “The new orders are a creditable wrap-up for a year in which the second half has been ravaged by very negative financial and economic factors.

“The fundamentals of the industry remain sound even though the pipeline of projects has slowed down. There are still projects in the market but we would only take on those that are cashflow positive. This prudent approach protects our shareholders’ interest as well as sustains us during this highly volatile period.”

Commenting on Keppel O&M’s plans for 2009, Mr Tong said, “Our focus in the new year is to further strengthen our business fundamentals through excellent project execution, robust risk and governance management and pro-active technology development.

“Our strong balance sheet and healthy orderbook in excess of S$10 billion give us the muscles to pursue our strategic goals of nurturing our people and seizing opportunities to develop new markets and technologies.”

Keppel O&M, a wholly owned subsidiary of Keppel Corporation is a leader in offshore rigs, ship repair and conversion and specialised shipbuilding. Keppel O&M’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 and earnings per share of Keppel Corporation for the financial years 2008 and 2009.

(www.kepcorp.com)

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Shipbuilding

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1206 sec (8 req/sec)