Keppel Strengthens Foothold in Drillship Market with S$150 Million Contract

Keppel Shipyard Limited, a wholly-owned subsidiary of Keppel Offshore & Marine Limited, secured a S$150 million contract to install equipment packages on a new drillship.

The new hull is currently being built in China and is due to arrive at Keppel Shipyard in the third quarter of 2008. Keppel Shipyard is expected to complete its part of the work by the fourth quarter of 2009.

Mr. Nelson Yeo, Executive Director of Keppel Shipyard, said, "We are always on the lookout for new business opportunities to support our clients in line with emerging market trends.

"This new contract brings to fore the Group's project management expertise and capabilities in converting and integrating offshore exploration and production vessels. Owners can choose to outsource the construction of bare hull elsewhere. This can be beneficial to us because our valuable fabrication capacity can be made available to carry out other value-added work."

Its workscope includes installation, integration and completion of the owner supplied power generation, thrusters and drilling equipment packages on a new hull.

The new drillship is designed to operate in deepwater depths of 12,000 feet and is fitted with DP 2 capabilities.

Keppel Shipyard is a wholly-owned subsidiary of Keppel Corporation Limited, through Keppel O&M, a leader in offshore rigs, ship repair and conversion and specialized shipbuilding. Keppel O&M's near market, near customer strategy is bolstered by a global network of 20 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 the provider of choice and partner in solutions for the offshore and marine industry.

The contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the financial year ending 31 December 2007.

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