Keppel Secures $200 Million in Contracts

Press Release
Tuesday, February 26, 2013

Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries - Keppel FELS Brasil S.A. (Keppel FELS Brasil) and Keppel Shipyard Ltd (Keppel Shipyard) - have secured two contracts worth S$200 million from repeat customers.

Keppel FELS Brasil's contract is with MODEC and Toyo Offshore Production Systems Pte Ltd (MTOPS), a joint-venture company between MODEC, Inc. and Toyo Engineering Corporation (TOYO), to integrate the topside modules of a Floating Production Storage and Offloading (FPSO) unit. This project will be carried out at BrasFELS, Keppel FELS Brasil's yard in Angra dos Reis, Rio de Janeiro, Brazil.

In Singapore, Keppel Shipyard has been engaged by SBM Offshore N.V. (SBM Offshore) to fabricate an internal turret for a newbuild FPSO, which will be installed in the Ichthys Field, in the Browse Basin, offshore of Western Australia.

Tonng Chong Heong, Chief Executive Officer of Keppel O&M, shared, "We are pleased to be selected by our customers for repeat projects as these are strong affirmations of the quality of our services. BrasFELS and MTOPS' first FPSO project was delivered safely and 19 days ahead of schedule; the second project is underway and on track for delivery in 2Q 2014. Keppel Shipyard has collaborated with SBM Offshore on some 17 major conversion and fabrication projects.

"With good rapport and understanding between our yards and their customers, we are confident that both the MODEC FPSO and Ichthys FPSO internal turret projects will be completed to high satisfaction."

The FPSO, a project by MODEC and its partner Schahin Group, has been chartered for operations offshore Brazil for 20 years. Integration works for the FPSO will take place from 3Q 2014 to 3Q 2015. The completed unit will have a production capacity of 150,000 barrels of oil per day and storage capacity of 1,600,000 barrels of oil. Meanwhile, Keppel Shipyard's work on the 6,800-tonne Ichthys FPSO turret is scheduled to complete by Q3 2014.

The Ichthys FPSO turret forms a part of the Ichthys LNG Project, which is a joint venture between the field operator INPEX group companies, TOTAL group companies and other participants. The Ichthys LNG Project is expected to produce 8.4 million tonnes of liquefied natural gas (LNG) and 1.6 million tonnes of liquefied petroleum gas (LPG) per annum, along with approximately 100,000 barrels of condensate per day at peak. Gas from the Ichthys Field will undergo preliminary processing offshore to remove water and raw liquids, including condensate, before being exported to onshore processing facilities in Darwin via an 889km pipeline.

Keppel Shipyard's ongoing projects for SBM Offshore are the conversion of FPSO OSX-2 for Brazil as well as modification and upgrading of FPSO N'Goma for Angola. SBM Offshore is also working with Keppel Singmarine Pte Ltd on the newbuilding of a multi-purpose dive support construction vessel.

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

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

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

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

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

Energy

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

Vessels

Bodies found trapped in S Korean ferry

Divers searching for survivors of a capsized South Korean ferry saw three bodies floating through a window of a passenger cabin on Saturday but were unable to retrieve them,

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

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics 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: 0.2017 sec (5 req/sec)