Sembcorp Secures FPSO Conversion, Upgrading Contracts

Sembcorp Marine's Sembawang Shipyard has secured two FPSO contracts worth S$75 million, reinforcing its reputation as a world-leading shipyard for highly specialized FPSO and offshore conversion and upgrading work.

The two contracts are as follows:

Conversion of BW Genie to Floating Production Unit (FPU) from BW Offshore

The first contract is awarded by BW Offshore. The contract calls for the conversion of a 97,172 dwt tanker BW Genie into a Floating Production Unit (FPU). Major conversion works include repairs and life extension for the vessel to operate for another 20 years. The FPU will be installed in the field through a new 12-point mooring system. The Shipyard’s scope of work also includes detailed engineering and fabrication works, the installation of new power generation plants, boilers, and owner-furnished 8 (eight) new topside modules. The Shipyard will also fabricate and install a new helideck and flare tower as well as refurbish and upgrade the accommodation facilities.

The vessel is expected to be re-delivered to the owners in 4th quarter 2011. On completion, the FPU will be stationed at the Terang Sirasun Batur field in offshore Indonesia.

Upgrading of FPSO Glas Dowr from Bluewater Energy Services B.V., The Netherlands

The second contract is the upgrading of FPSO Glas Dowr from Bluewater Energy Services B.V., the Netherlands. The Shipyard's scope of work includes repairs and life extension for the vessel to operate for another 10 years. Major upgrading work includes the upgrading of the existing FPSO internal turret mooring and transfer systems. The marine, utility, electrical and communication, safety, control, monitoring, and production systems will also be upgraded. The vessel is expected to be re-delivered to the owners in 2nd quarter 2011 for deployment in the Kitan field in the Timor Sea.

The above contracts are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2010.

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