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Keppel Shipyard Delivers 9th FPSO

Maritime Activity Reports, Inc.

November 11, 2008

Keppel Shipyard Limited has delivered the floating production storage and offloading vessel (FPSO) Espirito Santo to SBM Offshore.

The vessel has left Singapore for deployment in the Espirito Santo field in offshore Brazil. The FPSO is capable of processing 100,000 barrels of oil per day (bopd) with a maximum storage capacity of two million barrels of oil.

It will be leased to the BC-10 Joint Venture, which is operated by Shell with ONGC Campos Ltda. and Petróleo Brasilieiro S.A. (Petrobras) as co-venturers, whilst the FPSO will be operated by a joint venture between SBM Offshore and MISC.

Named at a ceremony recently, the FPSO Espirito Santo project has achieved more than six million consecutive manhours without loss time incident (LTI). This is the second FPSO Keppel has delivered to SBM Offshore this year and the ninth since 2000.

Keppel Shipyard’s scope of work included the refurbishment and conversion of the vessel’s existing systems, upgrading of the accommodation facilities, fabrication and installation of sponson tanks (making the entire hull double sided), the turret mooring system, pipe rack, flare tower and helideck as well as integration of all of the oil processing modules

(www.kepcorp.com)

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