Keppel Offshore & Marine Secures S$172 Million in Contracts

Keppel Offshore & Marine Ltd (Keppel O&M) has secured a total of S$172 million worth of contracts through its wholly owned subsidiaries, Keppel Singmarine Ltd and AMFELS in USA.

Keppel Singmarine, a specialized shipbuilder, will build four Anchor Handling Tug/ Supply (AHTS) vessels for European based company, Groupe Bourbon and four harbor tugs for Keppel Smit Towage.

Deliveries of the eight vessels are slated progressively between the third quarter of 2004 and first quarter 2006.

With these contracts, Keppel Singmarine has a current order book of 20 vessels, effectively positioning the Company as a leading builder of offshore support vessels in the world. The company has built more than 300 vessels since the early 1970s.

Said Mr. Charles Foo, Chairman of Keppel Singmarine, "These are contracts from our repeat customers. Our track record for on time deliveries of products and services has earned us the trust and satisfaction of these regular customers.

"Coupled with our excellent Health, Safety and Environment record, we are poised to be a provider of choice to our worldwide clientele."

Groupe Bourbon has a fleet of over 200 vessels offering clients customized services in offshore oilfields, in towage and assistance services and in dry bulk transport. Keppel Smit Towage is a joint venture between Keppel and Smit International Singapore. The company operates a complete spectrum of towage, and support services.

Meanwhile, Keppel O&M's yard in the United States, AMFELS, won a contract to upgrade a jackup rig for repeat customer, ENSCO Offshore Company (ENSCO).

Scheduled for delivery in the fourth quarter of 2004, Ensco 68 will be converted from a slot to cantilever jackup rig, with leg extension and capability enhancement.

The contracts secured are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending December 31, 2004.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours