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May 20, 2002

Keppel wins orders for swamp barge, tugs
Keppel Corporation says the integration of its offshore and marine businesses has helped it win a US $16 million (Singapore $29 million) swamp barge contract "clinched as a result of the synergy of the offshore and specialized shipbuilding divisions."

The integration and a sharper focus on specialized shipbuilding, especially support vessels, has also brought Keppel's offshore and marine group a new contract worth Singapore $21 million from Keppel Smit Towage for three 60-ton tugs due for delivery in mid 2003.These tugs, a utility boat and two terminal tractor tugs, will be deployed by Keppel Smit Towage in Brunei for charter to Brunei Shell Petroleum Company.

Keppel says the integration, officially launched on May 1, has enhanced its flexibility to "package the world-class rig design, procurement and project management expertise of its offshore division with the competitive pricing of its shipbuilding division."

As a result, says Keppel, it was able to put in an attractive bid to build the swamp barge drilling unit for Indonesian drilling contractor, PT Apexindo Pratama Duta (PT Apexindo).

“The bundling of our services allows us to strike a win-win deal with PT Apexindo," commented Tong Chong Heong, COO and managing director of Keppel Offshore & Marine. He termed the contract . This contract "an example of maximizing value for our clients by giving them a matrix of cost-competitive and world-class services.”

The scope of work for the construction of the 244-ft swamp barge will involve detailed engineering, fabrication and procurement as well as installation of the owner’s supplied equipment. Upon completion, the barge will be capable of oil and gas exploration and production in water depth up to 7.62 m (25 ft) and will have a drilling depth capability of 7,600 m (25,000 ft).

Delivery is scheduled for the first quarter of 2003, and the barge will be deployed in the Tunu Field, East Kalimantan for TotalFinaElf Indonesia for a period of at least five years.

PT Apexindo Pratama Duta is a subsidiary of PT Medco Energi International Tbk, the first drilling contractor to be listed on the Jakarta Stock Exchange. PT Apexindo currently owns and operates two semi-submersible swamp barges in Kalimantan and one jack-up rig in the Middle East.

Operating as far as Diego Garcia, Indonesia and Malaysia, Keppel Smit Towage is 51% owned by Keppel Shipyard and 49% owned by Smit International Singapore. Its services include harbor towage, standby duties, tow out of offshore structures, outside port limit ship-to-ship transfer, marine support and coastal towage.

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