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Keppel Wins Two Services Contracts in Philippines, Netherlands

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Keppel Offshore and Marine said Tuesday that its overseas yards in the Philippines and the Netherlands have secured contracts worth $131 million (SDG160 million) in total.

Keppel Subic Shipyard will build a depletion compression platform (DCP) for Shell Philippines Exploration that will recover natural gas from the Malampaya gas field near Palawan Island in the Philippines.

When completed, the DCP will be deployed next to an existing shallow water production platform. The DCP is designed to maintain the current availability and deliverability of natural gas from the Malampaya field through regulating the gas export pressure and flow rates.

Keppel Subic Shipyard will be responsible for the fabrication of the entire DCP, integration of the topside modules as well as the fabrication of the link bridge connecting the DCP to the shallow water platform. The DCP comprises gas compression facilities mounted on a barge deck, supported by four tubular legs on base footings.

The development of the DCP forms the third third phase of the Malampaya Deep Water Gas-to-Power project, which is jointly undertaken by government agencies in the Philippines and private companies. The Philippine Department of Energy leads in this project, and is supported by a consortium comprising the Malampaya project operator, SPEX, and its joint venture partners, Chevron Malampaya LLC and the Philippine National Oil Company-Exploration Corporation (PNOC-EC).

Separately, Keppel Verolme in the Netherlands will work on the maintenance and repair of a deepwater construction vessel, Balder, for repeat customer Heerema Marine Contractors and deliver Balder in 1Q 2013.

The yard's work scope for this project includes the painting of the hull, bracings and cranes. It will also undertake steel renewals, as well as the maintenance and repairs to the tanks, including piping and conservation works.

These two project wins follow closely from Keppel's term sheet agreement inked with Norway's Golar LNG Nov 5. The agreement – said to be worth $600 million by local media – sees Keppel working on the conversion of up to three liquefied natural gas (LNG) vessels into Floating LNG (FLNG) vessels.

Keppel Offshore & Marine (Keppel O&M) – the offshore and marine division of Keppel Corp. – has to-date won $7.2 billion (SDG 8.8 billion) of new orders this year, taking its book order to $10.7 billion (SDG 13.1 billion), with deliveries stretching up to 2019.

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