Keppel Secures Contracts

Maritime Activity Reports, Inc.

July 9, 2002

Keppel Shipyard has secured three new FPSO contracts worth a total of around S$160 million. These conversion contracts are from regular customers Single Buoy Moorings Inc (SBM), Prosafe Production Pte Ltd and newcomer Four Vanguard-Servicos e Navegacao Lda. The preferred shipyard of SBM in the Far East, Keppel Shipyard is expected to complete the conversion of Amazon Eagle for SBM by the second quarter of 2003. Amazon Eagle is the sixth conversion project that Keppel is undertaking for SBM, which owns and operates the world’s largest fleet of FPSO and FSO.

The 307,431 dwt tanker, which has arrived in the yard, will be deployed to the Zafiro field off Equatorial Guinea upon completion. Keppel Shipyard has completed four conversions for SBM, the latest vessel being the 315,237 dwt FPSO Falcon, which has been named in end June. Work is in progress for the 256,712 dwt FPSO Brasil, which is targeted for completion by the end of July 2002. Also presently in the yard is the 94,225 dwt tanker Four Lakes from Four Vanguard-Servicos e Navegacao Lda, a joint venture between Vanguard Floating Production and Premuda SRL. The vessel is expected to be completed in the fourth quarter of 2002. Thereafter, it will be deployed to the Woollybutt field in Western Australia for Italian oil company, Agip Australia Limited. Another vessel, the 132,500 dwt tanker Grey Warrior from Prosafe Production, arrived at the yard in early July for conversion to a FPSO. This will be the fifth conversion job in the last five years for Prosafe. Upon delivery in December 2002, the vessel will be chartered to Agip for the deployment to the Abo Field, offshore of Nigeria in Africa. Once these vessels are successfully completed, Keppel Shipyard’s record of FPSO and FSO conversions and upgrading will stand at 41 units.

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