Keppel Singmarine Secures S$78 Million in Contracts
Keppel Singmarine has secured orders for four offshore support vessels (OSVs) and two tugboats for about S$78 million.
The vessels will be progressively delivered to their owners up to first half of 2007.
Currently, Keppel Singmarine has 22 vessels under construction, having delivered nine since the beginning of 2005. Its strong orderbook has placed the Company as one of the world's leading builders of offshore support vessels.
Keppel Singmarine will build two Anchor Handling and Tug/ Supply (AHTS) vessels each for Saudi Arabia companies, HADI Establishment (HADI) and Zamil Operations and Maintenance Co.
A repeat customer since 2001, HADI has ordered from Keppel Singmarine a total of nine vessels including the latest two vessels.
Zamil Operations and Maintenance Co. Ltd. (Zamil) is a new customer.
Keppel Smit Towage (KST) has placed an order for two Azimuth Stern Drive (ASD) tugboats, designed by the Marine Technology Development (MTD), Keppel Singmarine's own research and development arm.
A joint venture between Keppel Shipyard and Smit International Singapore, Keppel Smit Towage owns, manages and operates tugs to provide marine support services in the Asia Pacific region.
Mr. Hoe Eng Hock, Executive Director of Keppel Singmarine, said, "Keppel Singmarine's track records and experiences as a specialised shipbuilder have exemplified its capabilities and confidence in meeting customers' expectations and requirements.
"With our commitment to provide quality products and delivery on-time on-budget, Keppel Singmarine creates value for our customers. We are very glad that HADI Establishment, Zamil and KST have chosen Keppel Singmarine as their preferred yard."
A wholly-owned subsidiary of Keppel Corporation Limited, Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialised shipbuilder. Its near market, near customer strategy is bolstered by a global network of 17 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.
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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