Keppel Wins Conversion Contract for Solitaire

Keppel Verolme BV, a member of Keppel Offshore & Marine Ltd of Singapore has secured an agreement with Solitaire Marine Contractors S.A., a subsidiary of Allseas Group S.A. of Switzerland, for the EUR$20 million conversion of the pipelay vessel (PLV), Solitaire.

This contract entrenches Keppel Verolme's position as the provider of choice for the North Sea and West African markets.

Said Mr Tong Chong Heong, Managing Director/COO of Keppel Offshore & Marine, "The North Sea holds Europe's largest oil and natural gas reserves and is one of the world's key non-OPEC producing regions.

"This contract for the conversion of Solitaire is testament to Keppel Verolme's position as one of the leading yards for the conversion and upgrade of offshore vessels in the North Sea. The Shipyard is also strengthening its track record in shiprepair. This year, the yard has repaired over 70 vessels, more than twice of what we did the year before.

"Keppel Offshore & Marine acquired Keppel Verolme in 2002, in line with our 'near market, near customer' strategy. We envisioned Keppel Verolme to be the premier yard for the offshore and marine industry in Europe, offering its services to the North Sea and West African markets. I am happy to say that we are on track to achieving our aim."

Solitaire is expected to arrive the yard in January 2005 for the two-month conversion job.

Her major workscope includes regular repair and maintenance; painting; installation of additional buoyancy tanks and local reinforcements to the vessels structure; replacement of stinger sections for newly delivered sections; and structural and mechanical adjustments to the vessel.

Mr. Harold WM. Linssen, Managing Director of Keppel Verolme said, "I am glad that our constructive co-operation with Allseas has resulted in the positive conclusion of this deal.

"The conversion of Solitaire will be a fast-track one. Coupled with our expertise and experience in handling large conversion projects, Keppel Verolme will work closely with the client project team to complete the project on schedule."

Earlier this year, Keppel Verolme also fabricated and installed adjustable stinger support guides on the Solitaire. The yard also undertook modification works on sister vessel, PLV Lorelay. Both jobs were executed to full satisfaction to owners.

Keppel Verolme is a wholly-owned subsidiary of Singapore-listed Keppel Corporation Limited, through Keppel Offshore & Marine (Keppel O&M). Keppel O&M's network of 16 shipyards covers the major oil and gas fields in the Gulf of Mexico, Brazil/West Africa, Central Asia, Asia Pacific region and Middle East.

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

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