Keppel Offshore & Marine Ltd (Keppel O&M), through Keppel Shipyard Limited (Keppel Shipyard) and Keppel Verolme BV (Keppel Verolme), has secured two contracts worth a total of about $165 million.

The first project, secured by Keppel Shipyard from repeat customer Petrobras Netherlands B.V (PNBV), is for the pre-conversion of P-58, a Floating Production Storage and Offloading (FPSO) vessel for the Campos Basin.

The second project involves the repair and modification of the semisubmersible pipelay vessel, Castoro Sei for Saipem S.p.A (Saipem) by Keppel Verolme.

Mr Tong Chong Heong, CEO of Keppel O&M said, ‘As a Group, Keppel O&M has built a strong reputation and a trusted brand name for diverse projects with safe and efficient turnaround.

“We hope that with our versatility, experience and expertise, we continue to be provider of choice for the international market.”

Mr Renato de Souza Duque, Services Director of Petrobras, said, “We know Keppel very well. They have completed many projects for us successfully and have demonstrated excellent project management and reliability. We look forward to another high quality project from them.”

Keppel Shipyard’s scope of work on P-58 includes structural and piping renewal, tank coating as well as refurbishment and upgrading of the accommodation.

When completed in the first quarter of 2011, the vessel will sail to Brazil for the rest of the conversion which includes completion works of the topsides.

P-58 will have a production capacity of 180,000 barrels of oil per day (bopd) and gas compression capacity of 6,000,000 m3 per day. It will operate in Parque das Baleias’ north field, in Campos Basin and spread moored in a water depth of 1,400 metres.

“We are pleased to work on another major project with our valued customer Petrobras. The fruitful relationship we have built up with them over the years will enable us to work hand in hand to complete this project successfully,” Mr Tong added.

Keppel Shipyard’s projects for Petrobras and Brazil currently also include the major conversion of FPSO P-57, FPSO BW Pioneer and FPSO Peregrino as well as the modification and upgrading of FPSO Capixaba. At present, Keppel Shipyard is carrying out seven other major conversions and upgrading projects at its yards.

Over in the Netherlands, Keppel Verolme has been tasked to overhaul four thrusters, install new stinger handling support rails and repair and modify the onboard gantry cranes and fendering system of Castoro Sei. The semisubmersible pipelay vessel will also undergo an extensive hull blasting and painting programme.

Work on Castoro Sei is scheduled for completion in the first quarter of 2010. She will thereafter be deployed for the Nord Stream project, a gas pipeline which will link Russia and the European Union via the Baltic Sea.

Mr Tiziano Zarbo, Saipem Asset Manager for Offshore fleet, said “We had an excellent working experience with Keppel Verolme on the recent drydocking of Saipem 7000. Considering the time constraints and technical difficulties involved, we are pleased to again partner Keppel Verolme which has proven to be a reliable partner to Saipem.”

Keppel Shipyard and Keppel Verolme are wholly owned subsidiaries of Keppel Corporation, through Keppel O&M, a leader in offshore rigs, shiprepair and conversion and specialised shipbuilding.

Keppel O&M’s near market, near customer strategy is bolstered by a global network of 20 yards and offices 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 for solutions for the offshore and marine industry.

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

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Source: Keppel

Tagged with: Marine Industry

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