Singapore's Keppel Corp Wins Three Conversion Contracts

Singapore's Keppel Corp, the world's largest rig builder, said Monday in a statement it has secured three conversion contracts worth $82 million (SDG 103 million).

The contracts are from PTSC Asia Pacific, Perenco Group and BC Petroleum, Keppel said in its statement.
"Keppel's three contract wins on Monday supports our view that demand in the offshore sector is still robust," Maybank Kim Eng investment analyst Yeak Chee Keong told Rigzone on Tuesday. Yeak reaffirms his positive outlook for the offshore sector.
Keppel Shipyard will convert a tanker to a Floating, Production, Storage and Offloading (FPSO) unit for PTSC Asia Pacific, a joint venture between PetroVietnam Technical Services Corp and Yinson Holdings. Work on the FPSO will start on 3Q 2012 and it is scheduled for completion in 3Q 2013. When delivered, the FPSO will be deployed in the Thang Long and Dong Do oil fields which are located in the Cuu Long Basin, offshore Vietnam. The FPSO will be capable of producing 15,000 to 20,000 barrels of oil per day (bopd) and have a storage capacity of up to 650,000 barrels of oil.
Keppel Shipyard's work scope for this FPSO project includes refurbishment and life extension works; fabrication and installation of the flare tower, helideck, pipe racks and power generation module; installation and integration of topside process modules and external turret; and upgrading the accommodation facilities.
For the contract with Perenco, Keppel Shipyard's scope of work includes refurbishment and life extension works, accommodation upgrading, installation of new machinery, mooring structures and helideck as well as tank coating works. Works will start in 3Q 2012 and are scheduled to complete in 1Q 2013. The converted unit will be named FSO Mayumba, and it will be stationed in the Lucina field, offshore Gabon.
On the contract from BC Petroleum, the scope of work for Keppel Shipyard includes refurbishment and life extension works; fabrication and installation of flare tower and helideck; integration and modification of process module and the upgrading of the accommodation facilities. When completed, EPV Balai Mutiara will be deployed in the Balai Cluster oil fields, offshore Malaysia. Keppel did not provide an estimated date of completion of its contract with BC Petroleum.
Keppel Shipyard is a unit of Keppel Offshore & Marine (Keppel O&M). Keppel O&M, the offshore and marine division of Keppel Corp, reported on July 19, 2012 that its second quarter revenue for the period ending June 30, 2012, is at $1.6 billion, up 54 percent year-on-year. Keppel O&M's net book order as of end-June was $6 billion (SDG 7.6 billion) with deliveries extending until 2015. 


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