Keppel to Build Platform Supply Vessels for Greatship

Keppel Singmarine Pte, a wholly owned subsidiary of Keppel Offshore & Marine, has secured a repeat contract from Greatship Global Offshore Services Pte to build two platform supply vessels.

Deliveries for these two PSVs will be between end 2009 and the first quarter of 2010. The vessels are similar to the two PSVs ordered by Greatship, a Singapore registered company headquartered in India, two weeks ago.

Measuring 94 metres in length, each vessel is to be equipped with electric propulsion system powered by 8160kw (total) generators, a dynamically positioned system (ll) provided by 2 x 2600kw steerable thrusters and 2 x 1050kw tunnel thrusters. Each vessel will have accommodation for 64 persons, a design speed of 14.5 knots and cargo capacity of 4600 dwt.

Meanwhile, Keppel AmFELS Inc in USA, another wholly owned subsidiary of Keppel O&M, has received a contract from Diamond Offshore Services Company to modify and extend the life of the semisubmersible, Ocean Yorktown.

Work is scheduled for completion in March 2008.

The total value of these contracts is S$150 million.

Keppel Singmarine and Keppel AmFELS are wholly-owned subsidiaries of Keppel Corporation through Keppel O&M. Keppel Singmarine is a leading specialised shipbuilder. Keppel AmFELS engages in the construction, repair amd conversion of a complete range of mobile drilling rigs and platforms. Keppel O&M’s near market, near customer strategy is bolstered by a global network of 20 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 the provider of choice and partner in solutions for the offshore and marine industry.

These contracts are not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending December 31, 2007.