Keppel Bags $88.4M Contracts, Including Two Conversion Projects

Singapore's Keppel Corp. Ltd. reported Tuesday that its unit Keppel Offshore & Marine Ltd. (Keppel O&M)'s local and overseas subsidiaries continue to win strong support from repeat customers by securing four contracts worth a total of about $88.4 million (SGD 125 million).

In Singapore, Keppel O&M's wholly-owned subsidiary Keppel Shipyard Ltd. (Keppel Shipyard) secured two conversion contracts - the first is for a Liquefied Natural Gas (LNG) Floating Storage Unit (FSU) vessel awarded by Armada Floating Gas Storage Limited, a wholly-owned subsidiary of Bumi Armada Berhad (Bumi Armada); the second is for a Floating Production Storage and Offloading (FPSO) vessel awarded by Yinson Production (West Africa) Pte Ltd (Yinson), a wholly-owned subsidiary of Yinson Holdings Berhad.

Work on the LNG FSU conversion for Bumi Armada is scheduled to be completed in 3Q 2016. Upon completion, the LNG FSU vessel will operate at the Delimara LNG Regasification Terminal in Malta.

As for the FPSO conversion for Yinson, work is expected to commence in 1Q 2016. The work scope includes modification work, new equipment installation complete with associated piping, electrical and instrumentation systems as well as installation and integration of the FPSO process topsides. Upon completion, the FPSO will be deployed to the Offshore Cape Three Point block located in offshore Ghana.

Chow Yew Yuen, CEO of Keppel O&M, said, "Even in challenging market conditions, we are glad to be the choice yard for operators. This is the 14th conversion/upgrading project that we are undertaking for Bumi Armada. It is also their first LNG FSU conversion project and we are proud to be their trusted partner again. The confidence shown in us is a reflection of Keppel's proven track record in delivering quality products competitively, with high standards of safety and to customers' satisfaction.

"We are also grateful for the opportunity to support Yinson again on a conversion project. Having worked with them on an FPSO project in 2012, we will be able to leverage the past experience and close relationship to fast track this project to meet their requirements."

As for Keppel O&M's overseas yards, Keppel FELS Brasil SA's (Keppel FELS Brasil) BrasFELS shipyard in Rio de Janeiro, Brazil, secured a FPSO integration contract awarded by MODEC Offshore Production Systems (Singapore) Pte Ltd. (MODEC), while Caspian Shipyard Company LLC (Caspian Shipyard Company) in Baku, Azerbaijan, secured a barge enhancement contract awarded by BP Exploration (Shah Deniz) Limited (BP), operator of the Shah Deniz gas field development.


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