Keppel Offshore & Marine wins 2 contracts worth total $70 mil

Keppel Offshore & Marine wins 2 contracts worth total $70 mil

By: 
Stanislaus Jude Chan
22/07/18, 03:57 pm

SINGAPORE (July 22): Keppel Offshore & Marine (Keppel O&M) on Sunday announced it has secured two contracts in Brazil and Singapore worth a total of $70 million.

First, wholly-owned subsidiary Keppel FELS Brasil has been engaged by its longstanding customer, MODEC Offshore Production Systems (Singapore), to undertake the topside module fabrication and integration of a Floating Production Storage and Offloading vessel, FPSO Carioca MV30.

BrasFELS shipyard, Keppel FELS Brasil’s facility in Rio de Janeiro, Brazil, will commence the fabrication of the modules for the FPSO in 4Q18.

When completed, FPSO Carioca MV30 will have the capacity to process 180,000 barrels of crude oil per day (bopd) and 212 million cubic metres of gas per day. The unit's storage capacity is 1.4 million barrels of crude oil.

The FPSO will be deployed at the Sepia field, which is located in the pre-salt region in the Santos Basin, some 250 kilometres off the coast of Rio de Janeiro.

Meanwhile, in Singapore, wholly-owned subsidiary Keppel Shipyard has been entrusted with the conversion of a LNG Carrier to a Floating Storage and Re-gasification Unit (FSRU) by a leading global operator of oil and gas production vessels.

Apart from repair and life extension works, Keppel Shipyard will undertake shipyard engineering, installation and integration of the regasification module and upgrading of the cargo handling system.

Scheduled for delivery at the end of 2018, the FSRU will be capable of re-gasifying up to 750 million metric standard cubic feet of natural gas per day.

“FPSO Carioca MV30 is our 11th FPSO project for Brazil, and as the most-established shipyard in Brazil, BrasFELS is well-positioned to deliver it to Keppel O&M’s hallmark of executional excellence,” says Chris Ong, CEO of Keppel O&M.

“Meanwhile, for Keppel Shipyard, this is our fourth FSRU conversion contract and is part of our comprehensive suite of solutions for the gas value chain,” he adds.

Keppel Corporation says the above contracts are not expected to have a material impact on its net tangible assets or earnings per share for the current financial year.

Shares of Keppel Corp last closed 1.9% higher at $7.09 on Friday.

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