Keppel Offshore & Marine secures marine projects worth S$120 million

Keppel FELS employees stand amongst jackup rigs at their shipyard in Singapore on March 11, 2016.
Keppel FELS employees stand amongst jackup rigs at their shipyard in Singapore on March 11, 2016.PHOTO: REUTERS

SINGAPORE - Keppel Shipyard, a unit of Keppel Offshore & Marine (Keppel O&M), has secured four contracts worth a total of about S$120 million from repeat customers.

The first contract is from BW Catcher Limited, a unit of BW Offshore, for the installation and integration of topside modules for a newbuild floating production storage and offloading (FPSO) vessel. Upon its completion, the FPSO will be deployed to the Catcher Field in the Central North Sea off Great Britain, which is operated by Premier Oil.

The second contract is from SOFEC Inc. to fabricate an internal turret mooring system for a floating storage and offloading vessel that will operate in Maersk Oil's Culzean Field in the United Kingdom's section of the North Sea. Fabrication of the turret is expected to be completed in the third quarter next year.

For the third contract, Keppel Shipyard will carry out upgrading work to a pipelay vessel for Saipem Offshore Norway AS (Saipem). Work is expected to be completed this quarter.

The fourth contract is from Woodside Energy for the modification and upgrading of a FPSO vessel to support the Greater Enfield Project. The detailed engineering phase is expected to commence this month, and construction work is targeted to start in the second quarter of 2018. Upon completion, the Woodside-operated FPSO will be deployed back to the Greater Enfield area located in Western Australia.

All four contracts are not expected to have a material impact on Keppel Corp's net tangible assets or earnings per share for this financial year.