Keppel Fels Brasil bags project worth 500 million Brazilian real

Keppel's BrasFels shipyard in Rio de Janeiro.
Keppel's BrasFels shipyard in Rio de Janeiro.PHOTO: KEPPEL

SINGAPORE - A unit of Keppel Offshore & Marine (Keppel O&M) has clinched a floating production storage and offloading module project worth more than 500 million Brazilian real (S$190 million).

The project, to be carried out by Keppel Fels Brasil's BrasFels shipyard in Rio de Janeiro, is for a repeat customer Modec Offshore Production Systems, said Keppel Corporation in a press release on Wednesday.

The project comprises the fabrication and integration of nine topside production modules for the vessel, which is expected to arrive at the shipyard by the first quarter of 2017 for the integration phase.

The vessel, with a storage capacity of 1.6 million barrels of oil, will be able to process 150,000 barrels of oil and five million cubic metres of gas a day.

It is slated to depart the shipyard in the third quarter of 2017, and will be deployed in fields off the coast of Rio de Janeiro.

BrasFels delivered five similar projects safely and ahead of schedule in the past five years, of which three were for Modec.

Keppel shares closed 10 cents or 1.8 per cent up at S$5.65 on Wednesday, before the announcement was made.

tsjwoo@sph.com.sg