Keppel O&M Signs 30-Year Deal to Manage China's Titan Quanzhou Shipyard
Zhao Xu Guang, Chairman of Titan added, "We are looking to enhance our presence in the offshore and marine business, and partnering Keppel, the world's leading rig builder, is a significant step in this direction. I am confident that with Keppel managing this yard which has good development potential, we will be able to quickly build up the track record of the shipyard and deliver winning Keppel designs and products to Chinese oil and gas operators. Having studied the market, we believe there are a significant number of potential projects that this yard is capable of undertaking."
Both Keppel and Titan are optimistic about the growth potential of China's offshore and marine industry. China's dependence on oil and gas imports has increased from 43 percent to 56 percent in 2012, and is expected to exceed beyond 60 percent in the next few years. With its oil production on land having reached a plateau of 200 million tons annually, China is looking to expand its offshore oil and gas production to meet rising energy demands domestically.
In its 12th five-year plan, China announced plans to more than double its investment in offshore exploration and production (E&P) activities to $48.3 billion (RMB 300 billion), up from $19.3 billion (RMB 120 billion) in its 11th five-year plan. Offshore oil and gas production is also targeted to double to 100 million tons, from 50 million tons, annually.
The above agreement is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.
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