FELS Setal is Now Keppel FELS Brasil

FELS Setal S/A (FELS Setal) has been renamed Keppel FELS Brasil S/A following the recent divestment of PEM Setal Group's entire interest in FELS Setal.

The management of Keppel FELS Brasil and its subsidiary, BrasFELS, remains the same apart from the departure of Mr Alberto Padilla, who has returned to PEM Setal to assume the position of President of Setal Construções S.A., a unit under the PEM Setal Group.

Mr. Tay Kim Hock, President and CEO, and Mr. Yong Chee Min, who was appointed Deputy Chief Executive Officer in September 2004, will provide management direction for the Keppel FELS Brasil Group.

BrasFELS shipyard in Angra dos Reis continues to be led by its President, Mr. Gilberto Israel, supported by Mr Leow Ban Tat, Executive Vice President, and Mr. Neocelio Marinho, Director of Operations.

Mr. Edmundo Santos is the General Manager at Keppel FELS Brasil's Niteroi yard. Mr. Otoniel Reis and Mr. Eduardo Nunez remain the Project Directors for the construction of P-51 and P-52 semisubmersible platforms respectively in Brazil.

The industry leader in Brazil with the best-equipped offshore yard in South America, Keppel FELS Brasil is part of a global network of 16 yards spanning the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, the Middle East and the North Sea regions.

Integrating the experience and expertise of this worldwide network, the Keppel O&M group aims to be the provider of choice and a partner in solutions for the offshore and marine industry.