Marine Link
Wednesday, January 17, 2018

Keppel Corp News

Keppel Elects New Executive Chair

Keppel Corp. Limited and Keppel TatLee Bank Limited have appointed Lim Chee Onn as executive chairman upon the retirement of Sim Kee Boon, effective January 1, 2000. Boon will continue to act as senior advisor to the Keppel Group. Onn, who holds a BSc in Naval Architecture from the University of Glasgow and a Masters in Public Administration from Harvard University, has been senior executive director of Keppel Corp. since September 1983.

Keppel Elects New Executive Chair

Keppel Corp. Limited and Keppel TatLee Bank Limited have appointed Lim Chee Onn as executive chairman upon the retirement of Sim Kee Boon, effective January 1, 2000. Boon will continue to act as senior advisor to the Keppel Group. Onn, who holds a BSc in Naval Architecture from the University of Glasgow and a Masters in Public Administration from Harvard University, has been senior executive director of Keppel Corp. since September 1983.

Keppel Corp Wins Contracts

Singapore conglomerate Keppel Corp its unit Keppel Offshore & Marine's subsidiary, Keppel Singmarine Pte Ltd, has won four contracts from four companies to build six offshore support vessels and a pipelay vessel. The vessels are scheduled for delivery in the second half of 2009 and first half of 2010. Source: AFX

Keppel Corp Wins $206m Contract

Keppel Corp said its unit Keppel FELS Ltd has won a $206m contract from Floatel International Ltd to build a 500-men semi-submersible vessel. The vessel is expected to be delivered by December 2010. This is the second contract awarded to Keppel FELS by Floatel in six months. Source: Thomson Financial

17 Keppel Employees Pay for Petrobras Bribery Case

© Feng Yu/Adobe Stock

Keppel Corp's rig-building unit has taken disciplinary action against 17 current and former employees as part of its Brazil bribery case, a U.S. court document showed, including $8.9 million of financial sanctions, demotions and departures. The measures were revealed after the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, including some at state-run oil company Petrobras. Singapore authorities are investigating individuals involved. In the document seen by Reuters, U.S.

Keppel Charts The Next Lap Of Growth

The Board and Management of Keppel Corporation Limited (Keppel Corp) has announced  the Group's holistic succession plan in charting its next lap of growth. On 1 January 2014, Mr Choo Chiau Beng, 65, CEO of Keppel Corp, will be succeeded by CFO Mr Loh Chin Hua. At Keppel Offshore & Marine Ltd (Keppel O&M), Mr Tong Chong Heong, 66, will be succeeded by COO Mr Chow Yew Yuen as CEO with effect from 1 February 2014. Mr Choo and Mr Tong will be appointed as Senior Advisors to the respective Boards of Keppel Corp, and Keppel O&M and Keppel Infrastructure, thereafter. The Company will make an announcement on the appointment of the new CFO for Keppel Corp at an appropriate time.

Singapore's Keppel Corp Unit Wins Shipbuilding Contracts

Keppel Corp said its shipbuilding unit in China, Keppel Nantong Shipyard Co Ltd., has won shipbuilding deals worth $75m. The first contract, from Smit Internationale Beheer BV, involves the construction of two 90-ton bollard pull offshore support vessels for delivery in 2010. Keppel Nantong also won contracts from Keppel Smit Towage and Maju Maritime involving construction of six 65-ton bollard pull twin-screw Azimuth stern drive vessels for delivery in 2011. The latest orders brings to 26 the vessels under construction at Keppel Nantong's shipyard. [Source: Thomson Financial]

Keppel Gets $105.7m in Contracts for Conversion, Shipbuilding

Keppel Offshore and Marine, a unit of Keppel Corp, has secured conversion and shipbuilding contracts worth $105.7m. The contracts involve converting two Floating Production Storage and Offloading (FPSO) units. One contract is from SBM Holdings, one of the world's largest owners and operators of FPSO and FSO facilities, and the other is from Emas Offshore Construction and Production. The unit for SBM is expected to be completed in the third quarter of 2008. When completed, it can produce up to 100,000 barrels of oil per day and store about 1.6 million barrels of oil. The unit for Emas Offshore Construction and Production is due to be ready by mid-2008. Meanwhile, Keppel Nantong Shipyard has received an order to build three 65-ton bollard pull tugboats.

Keppel Corp Wins Deals Worth $80m

It has been reported that Keppel Corp has won two contracts worth a total of $80m. The contracts are for the conversion of a tanker to a floating production storage offloading or FPSO facility and the repair of another FPSO vessel. The tanker conversion is the eighth such job that Keppel is executing for Single Buoy Moorings in six years. It is expected to be completed in the third quarter of next year. The deal to repair the FPSO vessel was awarded by Petro-Canada (East Coast). The tanker conversion will be carried out by Keppel Shipyard while the FPSO repair will be handled by sister company Keppel Verolme in Rotterdam. - CNA/ch Source: Channel NewsAsia

Keppel Corp Increases Stakes in O&M

Keppel Corporation Limited increased its stake in Norway's Offshore & Marine ASA to 61.87%. The deal was executed through Keppel Corp's wholly owned subsidiary FELS Offshore, which bought a total of 1,648,000 O&M shares from Norestraen Industrier AS and Norestraen Investering AS for a total cash consideration of $448,000. The book value of the O&M shares was approximately $297,913 as at Dec. 31, 2005, but the deal took into account the future business prospects of O&M and was done on a willing buyer and willing seller basis. Through the acquisition, FELS' shareholding in O&M will increase to 6,960,500 shares - representing 61.87% of the issued share capital - from 5,312,500 shares, which represented 47.22% of the issued share capital.

Keppel Unit Wins Contracts Worth $155.6m

Keppel Corp. said Keppel Singmarine Pte Ltd. has won two shipbuilding contracts worth $155.6m, Thompson Financial reported. Keppel Singmarine will build a derrick pipelay vessel for Global Offshore International Ltd, a unit of U.S.-listed Global Industries Ltd. In a separate deal, Keppel Singmarine will construct a 100-metre Rolls-Royce designed UT 788 CDL ultra-deepwater multi-functional support vessel For Lewek Shipping Pte Ltd., a unit of Singapore-listed Ezra Holdings Ltd. Source:  Thompson Financial

Keppel Fels Abandons Verolme Botlek Pursuit

Keppel Fels Energy & Infrastructure Ltd. said it has aborted its planned purchase of Dutch repair and conversion yard Verolme Botlek. Keppel Fels, the offshore rig-building division of Keppel Corp., said in a statement to the Singapore Exchange that it had ceased negotiations with Wilton Fejinoord Holdings after the "expiry of the letter of intent." Keppel Fels, which was seeking a foothold in the European offshore market, said in November it was in talks with Wilton to acquire the Rotterdam yard, which has three dry docks. - (Reuters)

Keppel Wins $131m Shipbuilding Deal

Keppel Corp said it has won a $133m contract to build a ship for a Romanian drilling company. Keppel said that its unit Keppel Singmarine Pte Ltd would build the multi-purpose heavy lifting and pipelaying vessel for drilling contractor Grup Servicii Petroliere SA to be used in the Black Sea and .  It is cheduled for completion by the third quarter of 2011. Source:  Reuters

Keppel Looking to Build Specialized Craft

According to an August 20 report from www.todayonline.com, Keppel Corp is looking into building specialized ships like vessels to install wind turbines as well as ice breakers. The firm has teamed up with fleet owner and operator Seafox in a joint venture to adapt Keppel's current multi-purpose self-elevating platform model into a $220m wind turbine installation vessel. Keppel said the vessel can operate in waters which are 45% deeper, compared to existing vessels. (Source: www.todayonline.com)

Keppel Corp. Appoints New Director

Sven Bang Ullring has been appointed to the Board of Keppel Corp., effective July 1, 2000. Ullring has extensive experience in the field of engineering, having been involved in building numerous international industrial projects. He is also chairman of the Supervisory Board of Storebrand, a Norwegian insurance company and Norsk Hydro, a global Norwegian company engaged in oil and energy, light metals and fertilizers. A member of the Supervisory Board of ABB, Norway, Ullring also serves on the Board of Directors of Schlumberger Inc. New York.

AHI Starts Work On Drydock

Keppel Corp Ltd. unit Arab Heavy Industries (AHI) has started construction on its first drydock, valued at $19.1 million. "The number of ports in the Arabian Gulf is increasing and with AHI in the heart of United Arab Emirates, the business hub of the Middle East, this strategic investment will position our company as the premiere medium-sized yard in the region," Obaid Ali Al Muhairi, AHI's chairman said. AHI is a joint stock company of the government of Ajman, the Al Futtaim Group, the Keppel Group and other investors.

Keppel, Shell form Singapore LNG Bunkering Joint Venture

Keppel Corp Ltd said it entered into an agreement with Royal Dutch Shell to form a joint venture company, which will establish a liquefied natural gas (LNG) bunkering business in Singapore.   The two companies will have a 50 percent stake each in the joint venture. Its principal business activity will be to supply LNG bunkering operations services in Singapore to ships and any other marine vessels in the Singapore port and other related services, Keppel said in a statement on Thursday. (Reporting By Aradhana Aravindan; Editing by Himani Sarkar)

Keppel Q4 Profit Up; 2014 Profit Beats Street

Keppel Corp's full-year profit up 2 pct at S$1.9 bln. Singapore's Keppel Corp Ltd said fourth-quarter net profit rose 6.1 percent to S$725.9 million ($544.8 million), while its full-year profit rose 2 percent and beat analysts' consensus. Keppel on Thursday posted a full-year profit of S$1.9 billion, beating the S$1.6 billion average estimate of 22 analysts polled by Thomson Reuters. The fourth-quarter profit was boosted by a 2.6 percent gain in offshore and marine unit's pretax profit and contribution from the infrastructure unit that posted a loss a year earlier. Its property division's pretax income dropped 37 percent on the year, Keppel said in a statement.

KEPPEL TO RESTRUCTURE TOWAGE BUSINESS

Keppel Corp Ltd said on Tuesday it was restructuring its towage business which will be completed by the end of September. In a statement, the company announced that it has signed a letter of intent with Smit International Ltd. to sell 49 percent of its wholly-owned unit Maju Maritime Pte Ltd. to Smit.

Keppel Reports $83M Rig Deal

Singapore conglomerate Keppel Corp said today that its U.S. unit has won an $83-million contract to build a new jack-up rig for Mexican offshore and onshore drilling service provider Perforadora Central. It said in a statement the drilling rig was due for delivery to its customer in the first quarter of 2004. It also said the group would continue to focus on its three key businesses - offshore & marine, infrastructure and property.

BP Spill Opportunity in Disguise for Rig Builders

According to a June 14 report from Bloomberg, heightened U.S. scrutiny of offshore drilling after the BP spill, the worst in the nation’s history, may spur oil companies to replace aging rigs with new platforms made in South Korea and Singapore. Rig-makers Samsung Heavy Industries Co. and Keppel Corp. stand to benefit from drillers buying $300m-plus semi-submersible rigs. About 57% of current units are more than 20 years old, according to Merrill Lynch, the Bloomberg report said. (Source: Bloomberg)

Merger Talks In Singapore

Shares of Keppel Hitachi Zosen Ltd. and Keppel FELS Energy & Infrastructure Ltd. surged on market talk the two units of the Singapore conglomerate Keppel Corp. would be merged. Ship repair specialist Keppel Hitachi jumped as much as 47 percent to an eight-month high of S$0.575 before moving back to S$0.51, up 12 cents, in moderate trade of 3.7 million shares. KepFELS, which also has a marine business, rose eight cents to S$0.935 after surging as much as 17 percent earlier to S$1.00 -- a level not seen since the middle of March. Volume was high with more than 10 million shares traded. "The rumours are not new. It seems that day traders were riding the wave," said a senior trader at a local brokerage. A Keppel official said she was "not aware of any corporate development".

Keppel Raise Stakes in Philippines Shipyard

One of three shipyards operated by Keppel Philippines Marine Inc, Subic Shipyard, provides repair, conversion and building services for ship owners and oil rig operators. Photo courtesy Keppel Corp.

Keppel Corporation Limited (Keppel Corp), through a subsidiary Keppel Philippines Marine Inc, (KPMI), is raising its shareholdings in two associated companies, Subic Shipyard and Engineering Inc. (SSEI) and Consort Land, Inc. (CLI) to boost its Near Market, Near Customer strategy in the Philippines. SSEI is a shipyard located in Subic Bay, the Philippines, which provides repair, conversion and building services to shipowners and offshore operators in the region. It also carries out routine and specialized machinery reconditioning works…

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