Keppel O&M Bags $200M FPSO Topside Contract

Singapore's Keppel Offshore & Marine (Keppel O&M), through its unit Keppel FELS Brasil, has secured a floating, production, storage and offloading (FPSO) topside contract worth $200 million, the company said Wednesday in a statement.

The contract is for the fabrication and integration of topside modules for the FPSO Cidade de Mangaratiba MV24 at Keppel FELS Brasil's BrasFELS yard in Angra dos Reis, Rio de Janeiro, Brazil.
Scheduled to be completed by 2Q 2014, the FPSO will have a daily production capacity of 150,000 barrels of oil per day and a storage capacity of 1.6 million barrels of oil. 
The contract is from MODEC and Toyo Offshore Production Systems (MTOPS), a joint-venture company established in Singapore between Toyo Engineering Corp and MODEC.
"We remain positive on Keppel O&M's outlook and we are expecting the company to announce a series of further contract wins," Yeak Chee Keong, an investment analyst with Maybank Kim Eng, told Rigzone on Thursday.
The FPSO topside contract is Keppel O&M's second win this week. 
Keppel O&M had announced on July 11, 2012, that Keppel Kazakhstan and its consortium partner, Ersai Caspian Contractor had won a $242 million jackup rig contract from Teniz Burgylau. 


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