Keppel O&M, Pemex's Units to Develop, Own, Operate a Yard in Mexico

Keppel Corporation announced Friday that its unit Keppel Offshore & Marine (Keppel O&M) has strengthened its foothold in the offshore and marine industry in Mexico with the signing of an MOU (Memorandum of Understanding) with Pemex Exploracion y Produccion (PEP) and P.M.I. Norteamérica, S.A. de C.V. (PMI), both subsidiaries of Mexico's national oil company, Petroleos Mexicanos (Pemex).

The MOU is to jointly develop, own and operate a yard facility in Mexico, the first phase of which is to support the construction of six KFELS B class jackups for PEP.

The MOU was signed today by the General Director of PMI, Dr Jose Manuel Carrera Panizzo, and the Chief Operating Officer and CEO-designate of Keppel O&M, Chow Yew Yuen at the Ministry of Foreign Affairs in Singapore, and witnessed by Singapore's Minister for Foreign Affairs and Minister for Law, K. Shanmugam and Mexico's Secretary for Foreign Affairs, José Antonio Meade Kuribreña.

The MOU signifies a landmark partnership between Pemex, the world's fifth-largest crude oil producer, and Keppel O&M, the global leader in the construction of offshore drilling rigs, ship repair and the conversion of Floating Production Storage and Offloading (FPSO) vessels.

In a congratulatory message, Emilio Lozoya, CEO of Pemex, said, "This MOU highlights Pemex's commitment to increase oil and gas production in the long term by developing a sustainable offshore and marine industry in Mexico that can readily meet our needs. By partnering with the world's leading rig builder Keppel, we are confident that the shipyard will be a success and help to provide a wide array of solutions for the production of oil and gas. Mexico's proven reserves of oil and gas at the start of 2013 is almost 14 billion barrels of crude-oil equivalent and we believe that a significant number of shallow water and deepwater drilling rigs as well as FPSOs and FLNGs will be required to maximize production in the years to come."

Earlier this year, Pemex unveiled investment plans of $25.3 billion for 2013, of which $20 billion will be targeted at upstream activities.

Tong Chong Heong, CEO of Keppel O&M added, "We have been a strong supporter of Pemex's oil and gas program with some 19 projects delivered or on order for Mexico presently. This MOU reinforces Keppel O&M's Near Market, Near Customer strategy and places us in a strong position to capture opportunities from the continued growth of the Gulf of Mexico. Through our partnership with Pemex, we will be able to tap each other's technological expertise and know-how to provide comprehensive world-class solutions for the Mexican market."


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