Keppel Shipyard says it has secured a $50 million contract for the modification of the Floating Production Storage and Offloading (FPSO) vessel OSX-1.

The FPSO OSX-1 is owned by OSX 1 Leasing B.V., a subsidiary of OSX Brasil S/A.

Commencing in the third quarter of 2010, Keppel Shipyard’s scope of work includes procurement, detailed engineering and the modification of the topside process modules.

Keppel Shipyard will work with BW Offshore, which will provide project management, engineering services and technical guidance services to OSX 1 Leasing B.V.

Scheduled to leave Keppel Shipyard in the second quarter of 2011, the vessel will be deployed in the Campos Basin, offshore Brazil on a 20-year lease to OGX Petróleo e Gás.