Keppel O&M Clinches Newbuild Contracts Worth S$60 Million

Trent Field, Southern North Sea
(Click to Enlarge)
Keppel Offshore & Marine has secured two newbuild contracts totaling S$60 million through its wholly-owned subsidiaries, Keppel Verolme in the Netherlands and Keppel AmFELS in USA.

Keppel Verolme has been contracted by Perenco UK Limited, a petroleum, exploration and production company, to design and construct a Mobile Offshore Application Barge (MOAB).

The self-installing platform will be used as an unmanned gas compressor platform adjacent and connected with a bridge link to Perenco's existing production platform at the Trent Field Development on the UK North Sea continental shelf.

The MOAB is slated for installation at its offshore location in August 2005.

The North Sea is Europe's main oil and natural gas producing area and its large natural gas reserves make it a key supplier of European gas. To curb rising dependence on hydrocarbon imports, the UK government has implemented new policies to encourage the entry of independents to improve production in this region. Tapping the opportunities emerging from the broadening scope for exploration and production activities, Keppel Verolme has since 2003, embarked on a mission to expand beyond its core business of floating units and vessels conversions, repairs and modifications.

Said Mr. Tong Chong Heong, Managing Director/COO of Keppel O&M, "The deal marks Keppel Verolme's successful re-entry into the offshore new construction market.

"With the entry of more independent oil companies in the North Sea, there is an increase in E&P activities as well de-commissioning programs. Keppel Verolme, with its experience, is well placed to meet the growing needs of this region."

Over in the US, Keppel AmFELS has been awarded a contract to custom-build a sludge vessel for the New York City Department of Environmental Protection.

The 150,000 cubic foot vessel is scheduled for delivery in last quarter of 2006. This is the second job awarded to Keppel AmFELS by the City of New York Department of Environmental Protection. In 1993, the yard delivered a vessel used for debris collection in the New York City Harbor.

Other projects being carried out at Keppel AmFELS include construction of living quarters for Pemex repairs on Ocean Warwick, ENSCO 99 life extension and refurbishment project and modification of the SBX platform.

Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialized shipbuilder. Its near market, near customer strategy is bolstered by a global network of 16 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.

The contracts secured are not expected to have any significant impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ended 2005.

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