Keppel Unit Inks Seabed Exploration Contract

A subsidiary of Singaporean conglomerate Keppel Corp Ltd said it signed a 15-year contract with the International Seabed Authority to search the ocean for scarce minerals.

The push to explore the ocean is gaining momentum as ore grades on land decline and demand grows for metals in high-tech applications.

Ocean Mineral Singapore Pte Ltd (OMS) said it would conduct environmental studies and surveys for deposits of polymetallic nodules, which contain copper, nickel, cobalt and manganese, along with rare earth minerals, at a site within the Clarion-Clipperton Zone, located between Hawaii and Mexico, of the Pacific Ocean.

OMS is majority owned by Keppel, while a subsidiary of Lockheed Martin and private investment company Lion City Capital Partners are minority shareholders.