May 10, 2005

Keppel Singmarine books orders worth US $48.6 million

Keppel Singmarine Ltd, a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) has secured orders for three offshore support vessels (OSVs) and two tugboats for about Singapore $80 million (about US $48.6 million).

The vessels will be progressively delivered to their owners up to end 2006.

Keppel Singmarine will build one ice-class OSV for anchor handling and supply purposes for a new customer, Russian oil company Lukoil Kaliningradmorneft (LUKOIL). When completed at end 2006, the vessel will be deployed in the Caspian Sea region.

The other two OSVs are for repeat customer Groupe Bourbon. With these two 100-tonne bollard pull anchor handling tugs, Keppel Singmarine's orders from Bourbon will add up to a total of seven vessels.

Keppel Smit Towage has placed an order for two tugboats, designed by Keppel's Marine Technology Development.

Keppel Singmarine now has 19 vessels under construction, having delivered five since the beginning of 2005 and has emerged as one of the world's leading builders of OSV's

"The demand for offshore support vessels is strong with an aging world fleet and improvement in offshore oil and gas exploration and production," says Keppel Singmarine Chairman Charles Foo, noting that Keppel Singmarine "has successfully repositioned itself as a specialized shipbuilder to offer quality products and services on-time and on-budget for our customers in the market segment for OSVs and harbor and terminal tugs.

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