Keppel Singmarine Secures Contracts for Five Vessels
Keppel Singmarine Ltd, a wholly owned subsidiary of Keppel Offshore & Marine Ltd has secured orders for three offshore support vessels and two tugboats for about S$80 million.
The vessels will be progressively delivered to their owners up to end 2006.
Keppel Singmarine will build one ice-class OSV for anchor handling and supply purposes for new customer, the Russian oil company Lukoil Kaliningradmorneft (LUKOIL). When completed at end 2006, the vessel will be deployed in the Caspian Sea region.
The other two OSVs are for repeat customer Groupe Bourbon (Bourbon). With these two 100-tonne bollard pull anchor handling tugs, Keppel Singmarine's orders from Bourbon will add up to a total of seven vessels.
Keppel Smit Towage has placed an order for two tugboats, designed by Keppel's Marine Technology Development.
Keppel Singmarine has 19 vessels under construction, having delivered five since the beginning of 2005.
Its strong orderbook has placed the Company as one of the world's leading builders of offshore support vessels.
Said Mr. Charles Foo, Chairman of Keppel Singmarine, "The demand for offshore support vessels is strong with an aging world fleet and improvement in offshore oil and gas exploration and production.
"I am glad that Keppel Singmarine has successfully repositioned itself as a specialized shipbuilder to offer quality products and services on-time and on-budget for our customers in the market segment for OSVs and harbor and terminal tugs."
The leading oil company in Russia, LUKOIL's main activities are in oil & gas exploration and production, and production and sale of petroleum products.
Groupe Bourbon has a fleet of over 200 vessels offering clients customized services in offshore oilfields, in towage and assistance services and in dry bulk transport.
Keppel Smit Towage is a joint venture between Keppel and Smit International Singapore. The company operates a complete spectrum of towage.
The contracts are not expected to have a material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year 2005.
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