Keppel Shipyard Delivers FPSO Alvheim

Maritime Activity Reports, Inc.

February 2, 2006

Keppel Shipyard, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, delivered FPSO Alvheim, its first Floating Production and Storage Offloading (FPSO) facility for Marathon Petroleum Company (Norway) (MPC).

Previously known as MST ODIN, the 87,000 dwt multi-purpose shuttle tanker was contracted to Keppel Shipyard at $84 million for hull upgrading and structural modifications. The scope of work involved procurement; construction and installation of the FPSO hull equipment; fabrication and installation of topside module support structures and green water protection; and modification of the mid-ship moon pool into a cargo tank, turret cone and support structures and caissons for seawater lift pumps. Other works included upgrading the workspace aboard the vessel to meet Norwegian requirements.

Currently, Keppel Shipyard is carrying out four other FPSO and FSO conversion and upgrading projects at its yards. The vessel arrived at Keppel Shipyard on March 2005 and left the yard on January 25 for Norway for topside integration works to complete the conversion of the vessel to a FPSO. It will be deployed in the Alvheim field in the North Sea where production will begin first quarter 2007.

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