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July 17, 2002

Keppel buys Verolme Botlek
Singapore's Keppel FELS Limited, has signed a preliminary agreement . to acquire an 85% interest in Dutch offshore repair and conversion shipyard, Verolme Botlek for EURO 18.3 million.

The yard's management (10%) and workers' foundation (5%) will hold the remaining interest.

Subject to due diligence and definitive agreements, the acquisition is expected to be completed within the next few months.

Keppel Corporation says the acquisition is is in line with its "near- market, near-customer" strategyand will give it a stronger foothold in the North Sea and European offshore and marine markets.

Choo Chiau Beng, executive director of Keppel Corporation and chairman and CEO of Keppel Offshore & Marine Ltd (Keppel O&M) noted that Keppel O&M’s network of shipyards currently covers the major oil and gas fields in the Gulf of Mexico, Brazil/West Africa, Central Asia, Asia Pacific region and Middle East.

"With the acquisition of Verolme Botlek shipyard in the Netherlands," Choo said, "our strategic capability to service our customers who are prospecting and drilling in the North Sea will be further enhanced."

"As Verolme Botlek is an operating shipyard with substantial experience both in terms of offshore conversions and repairs, as well as engineering and managerial expertise, we can offer our services immediately to our customers," he continued.

Verolme Botlek reported a revenue of EURO 132.5 million and profit before tax of approximately EURO 6.1 million in 2001.

"With Keppel O&M's resources, existing marketing network and engineering strengths, we can grow Verolme Botlek and strengthen its leadership position in the European offshore and marine sectors," noted Choo.

Situated in Rotterdam's Botlek area, Verolme Botlek covers a total area of 54 hectares, and has three dry docks up to 500,000dwt and good workshop and craneage facilities. Its location in the Port of Rotterdam offers convenient access to both the North Sea and much of the industrial hinterland of Western and Central Europe.

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