Keppel Shipyard Successfully Delivers FPSO Capixaba for SBM

Keppel Shipyard, a unit of Keppel Corporation Limited through Keppel Offshore & Marine Ltd, has delivered FPSO Capixaba, with a conversion contract value of over S$90 million.

The 13-month fast-track project is the sixth Floating Production Storage Offloading (FPSO/FSO) conversion project for Keppel Shipyard from Single Buoy Moorings (SBM), member of the SBM Offshore N.V. Group, since 2000.

The work scope on the former Stena Congress includes installation and integration of topside modules; the fabrication and installation of the internal turret, flare tower, piperack and helideck; and installation of a hose reel at the stern for offloading to export vessels.

FPSO Capixaba will now be capable of producing 100,000 barrels of oil per day (bopd) with a storage capacity of two million barrels. The vessel will be moored in 1,350 meters of water. First oil is anticipated in the second quarter of 2006.

To be leased by SBM to Petrobras SA, Brazil's national oil company, FPSO Capixaba will be the first FPSO to be deployed in the Golfinho light oilfield in the Espirito Santo Basin offshore Brazil.

Three other FPSO facilities owned by SBM and converted by Keppel Shipyard are also on lease to Petrobras. They are FPSO Espadarte, FPSO Brasil and FPSO Marlim Sul. When the FPSO Capixaba joins their rank later in the year, their total production output for Petrobras will be 390,000 barrels of oil per day.

Mr. Didier Keller, Managing Director and Chief Executive Officer of SBM Offshore N.V. said, "We have entrusted Keppel Shipyard with the conversion of a number of sophisticated FPSO projects due to their strong track record. Once again, Keppel has delivered an excellent FPSO project on time and proven itself to be very reliable."

Mr. Choo Chiau Beng, Chairman & Chief Executive Officer of Keppel Offshore & Marine Ltd, shared, "We are pleased to deliver yet another quality FPSO conversion project to our valued customer SBM. We look forward to our continued partnership in the years ahead."

With the completion of FPSO Capixaba, Keppel Shipyard has a strong track record for the 55 FPSO and FSO conversion and repair projects.

Currently, Keppel Shipyard is carrying out four other FPSO and FSO conversion and upgrading projects at its yards. One of these projects involves the major conversion of P-53 project for Petrobras.

SBM has been Keppel Shipyard's valued client since 1981. Keppel Shipyard carried out the region's first FPSO conversion project, FPSO II, for SBM then. Since 2000, Keppel Shipyard has undertaken six more projects, namely FPSO Espadarte, Yetagun FSO, FPSO Falcon, FPSO Brasil, FPSO Serpentina, and FPSO Marlim Sul.

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