Keppel Smit Towage Pte Ltd News

Dutch marine services firm Boskalis and its co-shareholder KS Investments Pte. Ltd. (Keppel) have completed the sale of their equity stakes in their harbor towage activities in Singapore and Malaysia - Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd - to Rimorchiatori Mediterranei.Boskalis received EUR 92 million in cash for its 49% equity stake in the joint ventures resulting in a pre tax book gain of approximately EUR 50 million. Keppel Smit Towage (KST) was established in 1991 as a joint venture between Keppel and SMIT, a subsidiary of Boskalis. Over the past thirty years, Boskalis said, KST/Maju has developed into one of the largest and leading providers of harbor towage services in Southeast Asia.

The Maritime and Port Authority of Singapore (MPA) has injected another S$12 million (US$8.9 million) to boost liquefied natural gas (LNG) bunkering in the Port of Singapore. Half of this S$12 million has been set aside to co-fund the building of new LNG bunker vessels to facilitate the development of ship-to-ship LNG bunkering in the Port of Singapore. The remaining half will be used to top up MPA’s existing co-funding program to support the building of LNG-fuelled vessels. Launched in 2015, the initial funding for this programme has been fully utilised to support Keppel SMIT Towage Pte Ltd, Maju Maritime Pte Ltd, Harley Marine Asia Pte Ltd, Sinanju Tankers Pte Ltd, and most recently, PSA Marine (Pte) Ltd. Andrew Tan, Chief Executive of MPA, said.

The Board and Management of Keppel Offshore & Marine Ltd (Keppel O&M) wish to announce several new appointments as part of ongoing efforts to put in place a strong leadership team to continually reinforce the Group's growth strategy. Mr Michael Chia, 59, has been appointed Managing Director (Marine) of Keppel O&M and will oversee Keppel O&M's Marine Division which includes Keppel Shipyard, Keppel Singmarine and other marine-related overseas yards. Mr Chia will concurrently hold his appointments as Managing Director (Technology) of Keppel O&M and Managing Director of Keppel O&M Technology Centre. He will report directly to Mr Chow Yew Yuen, Chief Operating Officer of Keppel O&M.

Keppel Offshore & Marine Limited (Keppel O&M) through its wholly owned subsidiaries has clinched contracts worth $139m. The new orders include the upgrading and conversion of a Floating, Storage and Offloading (FSO) vessel into a Floating Production, Storage and Offloading facility (FPSO Okha) by Keppel Shipyard for Single Buoy Moorings, the building of two RAmpage 5500 Z-M offshore support tugs by Keppel Singmarine for Seaways International Pte Ltd and the construction of three tugboats at Keppel Cebu Shipyard in the Philippines.

Keppel Nantong Shipyard Co. Ltd (Keppel Nantong), the wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), won three contracts worth a total of $75 million, including owner furnished equipment, to build eight tugs. The first contract is secured from Smit Internationale Beheer B.V (SMIT) to build two 90-ton bollard pull offshore support tugs. It will have anchor handling, diving support, and fire fighting capabilities. Delivery of these two vessels is expected in the first half of 2010. They will be deployed in West Africa. The second and third contracts are awarded by Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd. Each contract is for the construction of three 65-tonne bollard pull twin-screw Azimuth Stern Drive (ASD) tugs.

Unveiling the sculpture, Soaring with the Can Do spirit, to commemorate the inauguration of Keppel Nantong Shipyard are Mr Luo Yi Min, Party Secretary of Communist Party of China (CPC) Nantong Committee and Mr Lim Chee Onn, Executive Chairman of Keppel Corporation. Keppel Offshore & Marine Limited (Keppel O&M) has officially opened its new wholly-owned subsidiary, Keppel Nantong Shipyard Co. Ltd (Keppel Nantong), in Nantong, Jiangsu province, China. Min, Party Secretary of Communist Party of China (CPC) Nantong Committee, graced the occasion as the Guest-of-Honour, joined by more than 300 guests. The ceremony was landmarked by the sale of two 45-tonne Azimuth Stern Drive tugboats to Kuwaiti owner, Arabian Gulf Mechanical Services & Contracting (AGMS).