Traditional shipyards in Singapore are benefitting from booming oil and gas business, as work orders flow in for Floating Production Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) conversions, states a new report by business intelligence experts GBI Research. The new report cites Singapore as the location of around 70% of conversions for the FPSO industry globally, with traditional shipyards such as Keppel, Sembawang, Jurong, and ST Marine fully equipped and responding to substantial demand for FPSO conversions, in addition to the regular ship repair work orders. In July 23, 2012, Keppel shipyard won three conversion contracts worth US$82m from Petro Vietnam Technical Services (PTSC) Asia-Pacific Pte Limited, Perenco Group, and BC Petroleum.