July 22, 2007
Keppel Singmarine announces $230 million of orders
When Carlyss, La., based Global Industries, Ltd. (Nasdaq: GLBL) last week announced it had approved the construction of a new generation derrick/pipelay vessel it did not disclose the builder. Now the mystery is solved.
Keppel Singmarine Pte Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd,. has secured four contracts worth a total of $230 million, They cover construction of six offshore support vessels (OSV)--and a derrick/ pipelay vessel for Global Offshore International Ltd (Global Offshore), a wholly-owned subsidiary of Global Industries, and a first-time customer for Keppel Singmarine.
Delivery dates for these vessels are expected between the second half of 2009 and the first half of 2010.
This is the first time that Keppel Singmarine will build a derrick pipelay vessel. Mr Hoe Eng Hock, Executive Director of Keppel Singmarine, said, "Derrick pipelay vessels are highly specialized ships that have to be tailor-made to owners' requirements. We are glad that Global Offshore recognizes Keppel Singmarine's versatility and expertise in building all types of vessels in accordance with owners' specifications."
The 163-metre derrick pipelay vessel is a multi-purpose construction vessel to be equipped with two 4,500 kW electric propulsion thrusters, six units of positioning thrusters, a 1,200 t crane and pipelay equipment capable of operating in water depths of 3,000 m and handling pipes of 60 inches in diameter. These equipment will be supplied by Global (which has approved $240 million for construction of the vessel) .
The OSV contracts include one for another first time customer, Greatship Global Offshore Services Pte Ltd (Greatship), a subsidiary of India's Great Eastern Shipping. As we reported last week, it covers construction of two 94-metre, 4,600 dwt, platform supply vessels (PSVs). The PSVs will be equipped with diesel electric propulsion and dynamic positioning systems (DP-2).
An OSV order for a repeat customer, Hadi H. Al-Hamman Establishment (Hadi), is for two 60-tonne bollard-pull Anchor Handling Tug/Supply (AHTS) vessels with dynamic positioning system (DP-2) for the Middle East. Hadi has placed a total of 16 vessels with Keppel Singmarine since 2001.
The final OSV contract is for another repeat customer, LUKOIL-Kaliningradmorneft (LUKOIL), which has commissioned Keppel Singmarine with the building of two Ice-Class multi-purpose standby and rescue vessels for the Caspian Sea. These are the sixth and seventh vessels to be built for LUKOIL.