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Keppel wins integration and upgrading contracts worth up to $160 mil

PC Lee

SINGAPORE (Apr 17): Keppel Offshore & Marine (Keppel O&M) has secured integration and upgrading contracts worth a combined value of about $160 million through its wholly-owned subsidiaries.

The first contract is between Keppel Shipyard and a leading operator of oil and gas production vessels for fabrication and integration work on a Floating Production Storage and Offloading (FPSO) vessel.

The shipyard's work scope includes the fabrication of several topside modules, the riser balcony, the spread-mooring and the umbilical support structures as well as installation and integration of associated equipment and all topside modules onto the FPSO.

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Work is expected to start in 3Q19 with delivery scheduled for 2021.

The second contract is between Keppel FELS and Diamond Offshore for the upgrade of the drilling semisubmersible rig Ocean Onyx.

Keppel FELS' scope of work includes the engineering, fabrication and installation of new pontoons, columns, bracings and a wing deck. The Ocean Onyx was first upgraded in 2012 by Keppel AmFELS, Keppel O&M's yard in the US, from an old semisubmersible rig.

Scheduled for delivery in 2H19, Ocean Onyx will initially be deployed offshore Australia.

Diamond Offshore is Keppel FELS' long-standing customer and the two companies have collaborated on more than 12 projects since 2005.

Chris Ong, CEO, Keppel O&M, says, "These contracts from repeat customers are testament to Keppel O&M's strong customer service in delivering on time, within budget and safely as well as our extensive track record in modification and upgrading projects for a wide variety of products such as FPSOs and drilling rigs.

"With strong engineering expertise and project management capabilities, we work closely with our clients to understand their requirements and provide customised, reliable, cost-efficient and value-added solutions."

Keppel O&M is a wholly-owned company of Keppel Corporation which is announcing its 1Q results tomorrow.

See: Keppel to see stronger 1Q earnings on property trading and divestment, says CGS-CIMB

Shares in Keppel closed 15 cents higher at $6.76 on Wednesday.