Keppel Snags Construction Contracts

Keppel Offshore & Marine's (Keppel O&M) subsidiaries in the Philippines and Singapore have clinched contracts worth about S$50 million for the construction and upgrading of vessels.

Its yards in Subic and Batangas are each constructing a transshipment barge for PT Mitra Bahtera Segarasejati and PT Pelayaran Kartika Samudra Adijaya respectively. Both vessels are targeted for completion by end 2010.

Meanwhile in Singapore, Keppel Singmarine has also clinched a contract from PT Indo Straits to build a similar transshipment barge that is scheduled for delivery in the first quarter of 2011.

All three barges will be deployed in Indonesian waters to load and discharge coal between vessels during open sea transshipping operations.

The contracts above are not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending 2010.