Prosafe Production Services Pte Ltd has awarded Keppel Shipyard, a contract to repair and convert a 276,000 dwt VLCC tanker, the M/T Navarin, into a Gas Floating Production Storage and Offloading (FPSO) unit.
Upon its completion in 2008, this unit is expected to be one of the world's largest converted gas FPSO units. It has a firm contract for a nine-year charter, with six consecutive one-year options, from Petroleo Brasileiro SA (Petrobras), the national oil company of Brazil.
Prosafe Production is the wholly owned Singapore unit of Prosafe SE, one of the world's leading owners and operators of FPSO and FSO facilities. It has in the last 10 years entrusted Keppel Shipyard exclusively to carry out the conversion of all their FPSO and FSO systems, totaling nine conversions and upgrading including this latest facility.
Mr Hugh Parry, President & Managing Director of Prosafe Production, said, "In today's tight market situation, having a good and reliable partner committed to a long term relationship is critical to structuring quality and high value-added solutions. I am pleased that we are able to partner Keppel Shipyard who is experienced, flexible and innovative. The yard is able to deliver on their promise of completion in accordance with the plan for each and every one of our projects with them."
Mr Nelson Yeo, Executive Director of Keppel Shipyard, said, "We have developed a strong partnership with Prosafe in the last decade and we thank Prosafe for awarding to Keppel Shipyard this Gas FPSO conversion. This contract follows shortly after the deliveries of FPSO Polvo and Umuroa. We are fully committed to deliver yet another FPSO facility successfully to Prosafe."
Keppel FELS Brasil
Keppel FELS Brasil SA in Brazil secured a contract with Petrobras Brasileiro SA (Petrobras), Brazil's national oil company, for the repairs and upgrade of BGL 1, a 122-meter derrick-lay barge.
The scope of work comprises detailed engineering, pre-fabrication of helideck, drydocking, special survey and the installation of six new thrusters and DP Control System (OFE). It also includes the installation of the owner's supplied pipe-laying equipment and the upgrading of the living quarters.
Upon completion in May 2008, BGL 1 will be able to undertake deepwater construction support, the installation of mooring, subsea structures and pipelines.
Keppel Verolme BV in The Netherlands continues to strengthen its relationship with Sevan Production AS (Sevan), having secured a project to outfit Sevan's second floating production storage and offloading (FPSO) unit, Sevan Hummingbird.
The outfitting work includes the installation of central shaft, process modules and mechanical equipment, installation of piping systems, electrical and instrumentation systems, Hydraulic, HVAC and architectural works.
The Sevan Hummingbird will be capable of an oil processing capacity of up to 30,000 bbls/day and a water injection capacity of up to 20,000 bbls/day. The unit is scheduled to be operational later this year at the Chestnut field in the central North Sea for two and half years.
This contract was awarded following the successful delivery of SSP Piranema, the first stabilized platform unit by Keppel Verolme in January.
Keppel Singmarine will build a repeat of its first vessel for Seaways International, which is based in the Middle East.
Due for delivery in the fourth quarter of 2009, the Anchor Handling Tug will have 100-tonne bollard pull with additional equipment and DP 2 system.
Keppel Singmarine is a leading builder of offshore support vessels, having delivered a total of 14 vessels in 2006, with 23 more currently under construction.
Keppel O&M, a wholly owned subsidiary of Keppel Corporation Ltd, is a global leader in offshore rigs, shiprepair and conversion 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.
These contracts are not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the financial year 2007.
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