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March 25, 2010

Keppel O&M wins orders worth $140 million

Singapore's Keppel Offshore & Marine Limited (Keppel O&M) has secured $140 million worth of contracts. In Singapore, Keppel Shipyard is to upgrade and convert a Suezmax tanker into an FPSO for repeat customer Bumi Armada Berhad (Bumi Armada), while Keppel FELS is to repair and modify Stena Drilling's semisubmersible Stena Clyde. In the Netherlands, Keppel Verolme will carry out repairs and maintenance to another Stena Drilling semi, Stena Don.

Keppel Shipyard is expected to commence work on the FPSO in the second quarter of 2010. The work includes refurbishment and life extension works; fabrication and installation of accommodation blocks, turret support structure and topside modules; upgrading of auxiliary support systems; and installation of owner supplied equipment.

When completed in the second quarter of 2011, the facility will be able to produce up to 45,000 barrels of oil per day (bopd), and store 1,000,000 barrels of oil. It will be deployed in the Te Giac Trang (TGT or White Rhinoceros) oil field, located in the Cuu Long Basin, Vietnam, for Hoang Long Joint Operating Company, a partnership comprising Petrovietnam, Soco International, PTTEP and OPECO.

Mr Hassan Basma, Executive Director and Chief Executive Officer of Bumi Armada, said, "We are pleased to work with Keppel again as it's a true partnership built on trust; a collaboration that focuses on quality and timely delivery."

Keppel Shipyard's affiliation with Bumi Armada goes back into the last decade when it first converted the FPSO Armada Perkasa in 1997 for operation in the PM3 Field, Malaysia. It was upgraded further in 2007 for deployment in the Okoro Setu Field, Nigeria. The FPSO Armada Perdana was delivered in August last year for deployment in Oyo Field, Nigeria. Keppel Shipyard is currently completing a derrick lay barge for Bumi Armada at its sister yard, Caspian Shipyard Company, in Azerbaijan. The latest FPSO conversion contract is Keppel Shipyard's fourth project together with Bumi Armada.

At Keppel FELS, the Stena Clyde is set to arrive in April 2010 for work that includes a Special Periodic Survey, main engine replacements and mooring winch system upgrade.

The semi will return to its deployment in Perth Australia for Apache Corporation, upon its expected completion in June 2010. Stena Clyde was previously at Keppel FELS for similar Special Periodic Survey works in 2000 and 2005.

In the Netherlands, Keppel Verolme's work on the 3,700 deadweight tonne dynamically positioned Stena Don involves upgrading the drilling rig capabilities by installing four blisters and two sponsons, as well as overhauling thrusters. Work on Stena Don is scheduled for completion in the second quarter of 2010.


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