Keppel Shipyard Wins FPSO Contract

Keppel Shipyard recently secured the conversion and upgrade works of the FPSO Berge Helene from Bergesen Offshore, a part of the Bergesen Worldwide Group.

The 28-year old tanker, Berge Helene, will sail into Keppel Shipyard in December, and is expected to be redelivered in August 2005.

Major workscope includes the installation of additional topside process modules, boilers and HV power generators, the replacement of existing spread mooring with an external turret, as well as the upgrading of engine room equipment and accommodation units. Other works include tank coating and fabrication of a new pump room.

Upon redelivery, Berge Helene is capable of handling a daily production capacity up to 75,000 bopd and has a storage capacity of 1.6 million barrels of oil. The vessel will be deployed at the Woodside's Chinguetti Field off Mauritania, West Africa.

Said Mr Nelson Yeo, Executive Director of Keppel Shipyard, "Keppel Shipyard will continue to focus on fast track conversions to strengthen our market position."

The Bergesen Worldwide Group is one of the world's largest ship owning groups with subsidiaries Worldwide Shipping present in the tanker market, and Bergesen being the world's largest owner and operator of large LPG and LNG carriers, being a significant player into large dry bulk vessels, and a growing presence within the FPSO market, mainly for waters off West Africa and other benign areas.

Keppel Shipyard, a leading ship repair and conversion yard, is a wholly-owned subsidiary of Singapore-listed Keppel Corporation, through Keppel Offshore & Marine Ltd. The Group has a network of 16 yards worldwide including the Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Kazakhstan, Middle East and the North Sea.

The contract secured is not expected to have any significant impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending December 31, 2004.