The company noted the results reflect excellent project execution in an exceptionally busy year.
Mr Tong Chong Heong, Managing Director of Keppel O&M, said, "At present, many shipyards worldwide are faced with high level of activities, and Keppel is no exception.
"The on-time and ahead of time deliveries by our yards demonstrate that the Keppel O&M group remains on track in delivering profitability and growth with the strong and effective execution of our projects.
"We are pleased to announce that our current projects for the year ahead are also progressing well. We will strive to maintain our track record and deliver them to our customerís satisfaction. By delivering our projects on time and on budget, our customers benefit from the value propositions that we bring to them."
Keppel O&M has received in total, about S$2.6 million in safety and early delivery bonuses from the owners of the various projects completed and of the current works in progress for the year 2006.
Mr Tong added, "I am glad that our customers recognize our excellent performance amid the high volume of work. The bonuses are a way of expressing their appreciation for our personnel's commitment to ahead-of-time deliveries, quality workmanship and excellent safety records."
Better Safety Records
Despite its exceptionally heavy work load, the Keppel O&M group has maintained its impressive safety track record with an Accident Frequency Rate (AFR) of 1.31 for the first 11 months of 2006 compared to the previous year's overall score of 1.62. The AFR is a measure of the total number of reportable accidents per million manhours worked.
Commenting on Keppel O&M's ability to execute each and every project in a safe and timely manner, Mr Tong said, "This is due to the commitment and teamwork of our people, our understanding of customer needs and the relentless pursuit of innovative solutions.
"Effective utilization of our global network of shipyards, planned expansion of our facilities and careful execution of our near market, near customer strategy have also played an important role to the success.
"Support from our vendors, sub-contractors and business associates like classification societies have also contributed to our achievements."
Record completions in 2006
In the past year, Keppel FELS delivered six jackup rigs, one semisubmersible drilling tender (SSDT) and one upgraded semisubmersible (semi), the Ocean Endeavor which was delivered in December.
The yard also delivered its last jackup for the year on 27 December. Wilcraft, a KFELS B Class rig delivered four days ahead of time, is expected to be named on 13 January 2007.
At Keppel Shipyard, despite more than 300 vessels being docked intermittently throughout the year for repairs and conversions, the yard also saw the delivery of two major Floating Production Storage and Offloading (FPSO) conversion projects.
2006 also saw Keppel Singmarine accomplish on-time deliveries for three tugs and 11 Offshore Support (OSV) Vessels including its first Ice-class Anchor Handling Tug Supply (AHTS) vessel. The latter, M.V Svetlyy, was delivered ahead of time on 20 December.
Meanwhile, Keppel's yard in the Philippines, Keppel Phillipines Marine, Inc (KPMI) completed the construction of two tugs during the year.
Keppel O&M, a wholly-owned subsidiary of Keppel Corporation Limited, is a global leader in offshore rigs, shiprepair and conversion, and as well as specialized shipbuilding. Keppel O&M's near market, near customer strategy is bolstered by a global network of 17 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.
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