Keppel on Track to Deliver US$775 Million Production Platform

At 34 stories high and with the main deck that is ten times the size of an Olympic swimming pool, the P-52 floating production unit (FPU), is being constructed using some of the most innovative construction engineering techniques.

These precise engineering techniques that were used for the construction of the lower hull of the 80,000 metric ton (displacement) FPU allows Keppel FELS Limited (Keppel FELS) only few millimeters for errors during crucial stages (See page 22,23 in the July/August issue of Offshore Marine, describing the joining of the lower hull pontoons using a cofferdam).

As Keppel FELS celebrates the successful completion of the Singapore scope of work for the US$775 million FPU, it is honored by the presence of His Excellency Mr. Yeo Cheow Tong, Minister for Transport, Republic of Singapore, as the Guest-of-Honor.

Other dignitaries include Mr. Renato Duque, Services Director of Petrobras SA, which awarded the contract to the Keppel-led consortium through their subsidiary, Petrobras Netherlands BV (PNBV) in December 2003. Petrobras is Brazil's state oil company.

The Keppel-led consortium, comprising Keppel FELS, Keppel FELS Brasil and Technip, secured the P-52 FPU in a high profile international bidding process.

The 75:25 consortium of Keppel and Technip respectively clinched the contract through their innovative solutions, competitive pricing and local contents fulfilment put forth by the Brazilian government.

The P-52 project involves the detailed engineering, procurement and construction of an 180,000 barrel of oil per day (bpd) semi-submersible production platform capable of operating in water depths up to 1,800 meters.

Five months after the P-52 contract, Petrobras awarded its sister unit, P-51, to the consortium. This was a departure from Petrobras's original plan to award the contracts to separate contractors in view of the projects' complexity and size.

Mr. Choo Chiau Beng, Keppel Offshore & Marine Chairman & Chief Executive Officer, said, "The concurrent execution of the P-52 and P-51 projects is one of the most challenging tasks.

"However, it is through our work on these two projects that the relationship with Petrobras has grown into a partnership with deep commitment for the success of the projects. They know that we are a professional and responsible company, very serious about our business and promises."

The completed lower hull of P-52 will be transported to Brazil where it will be mated with the upper deckbox and modules that are currently being built in Keppel's BrasFELS yard.

Keppel FELS had earlier completed the column nodes of the P-51 FPU, which constitutes the Singapore workscope for the unit. The nodes departed on 11 December 2005 and are currently on its way to Brazil where they will be joined with the rest of the unit in similar fashion as the P-52.

Keppel FELS is the world leader in the design and construction of jackup rigs, having built the most number of jackups on order in the last decade. It is a wholly-owned subsidiary of Singapore-listed Keppel Corporation, through Keppel Offshore & Marine. The group has a network of 17 yards around the world to be close to its market and customers. 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.