Keppel Awarded $2.2M Bonus for Conversion

April 28, 2003

Keppel Shipyard has won a $2 million bonus for delivering a FPSO (Floating Production Storage Offloading) vessel 10 days ahead of its fast-track contract schedule for Single Buoy Moorings (SBM) Inc. The wholly-owned subsidiary of Keppel Corporation through Keppel Offshore & Marine (Keppel O&M) also received a US$200,000 safety incentive. The yard achieved more than three million man-hour work without lost-time accident during the conversion of the 307,431dwt FPSO Serpentina. Tong Chong Heong, Managing Director & Chief Operating Officer of Keppel O&M, said,“ I am very happy that we have outperformed ourselves in the quality, safety and project management compared to our earlier FPSO/FSO conversions.” Dick van der Zee, Chief Operating Officer of SBM added, “SBM and its client are very impressed with the early delivery of FPSO Serpentina. Keppel Shipyard has achieved a new milestone in its performance and relationship with SBM and its client.” FPSO Serpentina was converted from the tanker, Amazon Eagle. Work began in May 2002 on a full refurbishment for life extension, installation and integration of topside modules and the fabrication and installation of the external turret, two topside modules, flare tower, helideck and tandem berthing of the export vessels. FPSO Serpentina, deployed off to Equatorial Guinea, will be able to process up to 110,000 barrels per day of oil. SBM has just awarded Keppel Shipyard another fast-track conversion, the FPSO Marlim Sul. This is the sixth job it has awarded the yard in the last four years.

Keppel Awarded $2.2M Bonus for Conversion

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