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Stocks In Focus SG (Keppel Corp, KrisEnergy, United Envirotech) – 21/08/13
Keppel FELS Secures US$280m Deal With Floatel
Floatel International awarded a contract worth about US$280 million to Keppel FELS to build its fifth accommodation semi-submersible (semi-sub), to be delivered in 4Q15. The new deal comes on top of two vessels which are currently under construction – Floatel Victory and Floatel Endurance. Keppel FELS has also previously delivered two accommodation semi-subs to Floatel in 2010. The new semi-sub will be built to Keppel’s proprietary design, and will be able to accommodate up to 500 people in one and two man cabins. It will use the latest technology such as Dynamic Positioning 3 capability and enhanced station-keeping, enabling it to operate securely alongside fixed platforms, floating platforms, as well as floating production storage and offloading vessels, with a full complement of deck cranes, large open deck area, workshops and fire fighting capabilities.
Significance: This fifth order win is a reflection of the strong partnership Keppel FELS has with Floatel, the strength of its proprietary design and reliability of project execution. Analysts expect strong demand for accommodation semi-sub units as more exploration and production activity occurs in deep waters.
KrisEnergy Collaborates Mubadala Petroleum In Thai Gulf Project
Newly-listed oil and gas exploration and production firm KrisEnergy announced that together with Mubadala Petroleum, both parties have reached a final investment decision for the Nong Yao oil development in the G11/48 contract area in the Gulf of Thailand, with first oil production anticipated in the first half of 2015. Mubadala with 75 percent working interest in the concession, is the operator of the field, while KrisEnergy holds a 25 percent stake in the 6,791 square kilometres concession area. As of 31 December 2012, G11/48 block has 3.78 millions of barrels of oil equivalent (mmboe). The production capacity will be up to 15,000 barrels of oil per day and 30,000 barrels of fluids per day. The development concept for the initial phase of the Nong Yao field comprises 23 wells, a wellhead processing platform and a minimum facility wellhead platform with the export of crude oil via a floating storage and offloading vessel.
Significance: As of 1Q13, KrisEnergy produces some 7,275 barrels of oil equivalent per day from its oil rights spanning Cambodia, Indonesia, Thailand, Vietnam and Bangladesh. Together, they have a certified proven reserve of about 76.35 mmboe.
United Envirotech Wins Rmb100m Membrane Bioreactor BOT Contract
United Envirotech announced that it was awarded a 25-year Build-Operate-Transfer (BOT) contract from the local government of Yantai City for a municipal wastewater treatment project in Shandong Province, China. The total investment for Phase 1 – for a capacity of 30,000 cubic metres per day – is approximately Rmb100 million ($20 million). The capacity of the treatment plant will reach 80,000 cubic metres per day upon completion of Phase 2. Under the BOT contract, the minimum off-take quantity is 70 percent of the design capacity for year 1 and it will be stepped up to 100 percent in four years. The plant will be using the company’s membrane bioreactor technology, which will be built underground and the treated water quality will meet recycling water standard.
Significance: The project win is a clear vote of confidence for United Envirotech’s membrane technology after its completion of Asia’s largest underground membrane bioreactor plant at Guangzhou city in 2010. It will also be able to command a much higher treatment fee compared to conventional technology.
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