Construction Subsidiary News

Keppel Offshore & Marine, an offshore construction subsidiary of Singapore's Keppel Corp, expects challenging conditions ahead due to the drop in oil prices but says its business diversification into gas and renewables has paid off.The company has traditionally been called an "offshore rig builder" as this was the Keppel O&M's core business in the heydays before the 2014-16 collapse in oil prices when oil fell from over $100 a barrel to below $30.However, with offshore drilling rig orders dwindling…

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent. The meetings came shortly after the shipbuilder won the approval of its biggest bondholder, the National Pension Service. "We will normalise the company as soon as possible through bone-grinding effort…

KBR recently completed a conceptual engineering study of a Spar/Deep Draft Caisson Vessel (DDCV) in 10,000 ft. water depth in the Gulf of Mexico. The six-month study was sponsored and funded by the Joint Industry Project DeepStar, which is supported by 15 oil company participants and 48 other contributor companies. KBR is the wholly owned engineering and construction subsidiary of Halliburton. The primary objectives of the study were to assess credible technology alternatives for mooring systems and production risers for a large ultra-deepwater DDCV, and to quantify the total system cost incentives for pursuing synthetic moorings and composite production risers.

KBR recently completed a conceptual engineering study of a Spar/Deep Draft Caisson Vessel (DDCV) in 10,000 ft. water depth in the Gulf of Mexico. The six-month study was sponsored and funded by the Joint Industry Project DeepStar, which is supported by 15 oil company participants and 48 other contributor companies. KBR is the wholly owned engineering and construction subsidiary of Halliburton. The primary objectives of the study were to assess credible technology alternatives for mooring systems and production risers for a large ultra-deepwater DDCV, and to quantify the total system cost incentives for pursuing synthetic moorings and composite production risers.

Bouygues Offshore and Bouygues Travaux Publics (a Bouygues Construction subsidiary) have signed a contract with Caucedo Investments Inc. to build a container terminal in the Dominican Republic. Located near from Santo Domingo, in the southwest region of the island, the facility will provide a depth of up to 15m to receive post-Panamax vessels. This contract is valued at approximately $136 million. The terminal scheduled for the end of 2003. The project scope of work includes engineering, procurement and construction.