Keppel wins integration and upgrading contracts worth up to $160 mil

Keppel wins integration and upgrading contracts worth up to $160 mil

By: 
PC Lee
17/04/19, 09:58 pm

SINGAPORE (Apr 17): Keppel Offshore & Marine (Keppel O&M) has secured integration and upgrading contracts worth a combined value of about $160 million through its wholly-owned subsidiaries.

The first contract is between Keppel Shipyard and a leading operator of oil and gas production vessels for fabrication and integration work on a Floating Production Storage and Offloading (FPSO) vessel.

The shipyard's work scope includes the fabrication of several topside modules, the riser balcony, the spread-mooring and the umbilical support structures as well as installation and integration of associated equipment and all topside modules onto the FPSO.

Work is expected to start in 3Q19 with delivery scheduled for 2021.

The second contract is between Keppel FELS and Diamond Offshore for the upgrade of the drilling semisubmersible rig Ocean Onyx.

Keppel FELS' scope of work includes the engineering, fabrication and installation of new pontoons, columns, bracings and a wing deck. The Ocean Onyx was first upgraded in 2012 by Keppel AmFELS, Keppel O&M's yard in the US, from an old semisubmersible rig.

Scheduled for delivery in 2H19, Ocean Onyx will initially be deployed offshore Australia.

Diamond Offshore is Keppel FELS' long-standing customer and the two companies have collaborated on more than 12 projects since 2005.

Chris Ong, CEO, Keppel O&M, says, "These contracts from repeat customers are testament to Keppel O&M's strong customer service in delivering on time, within budget and safely as well as our extensive track record in modification and upgrading projects for a wide variety of products such as FPSOs and drilling rigs.

"With strong engineering expertise and project management capabilities, we work closely with our clients to understand their requirements and provide customised, reliable, cost-efficient and value-added solutions."

Keppel O&M is a wholly-owned company of Keppel Corporation which is announcing its 1Q results tomorrow.

See: Keppel to see stronger 1Q earnings on property trading and divestment, says CGS-CIMB

Shares in Keppel closed 15 cents higher at $6.76 on Wednesday.

CapitaLand Mall Trust upgraded to 'buy' by UOB on Jurong Lake District plans, Funan launch

SINGAPORE (May 27): CapitaLand Mall Trust will benefit from the development of Jurong Lake District (JLD) as it has three retail malls located within Jurong Gateway, says UOB KayHian. See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income IMM Building, JCube and Westgate, which in total accounts for 20% of CMT’s portfolio valuation, are located within Jurong Gateway and adjacent to Jurong East MRT station. Meanwhile, Funan, which is about 90% pre-committed for retail space and 98% pre-committed for office space, is scheduled to open next month. See als....
Read More >>

Time to 'buy' MindChamps as growth initiatives bear fruit: RHB

SINGAPORE (May 27): RHB Research continues to keep MindChamps Preschool at “buy” at a lower target price of 83 cents compared to 87 cents previously, indicating a 26% upside plus 2.2% yield. The reduced target price comes after cutting FY19-20F earnings by 7% and 11%, respectively, upon management indications that adopting SFRS 16 has negatively impacted the group’s 1Q19 pre-tax profit by about $90 million or -15%. In a May 17 report, analyst Juliana Cai says she nonetheless remains positive on MindChamps as she expects the group to start reaping returns from its investments as its....
Read More >>

Ascendas-Singbridge establishes co-innovation lab with IMDA & Enterprise Singapore

SINGAPORE (May 27): Singapore’s smart nation ambitions have been further bolstered by a new partnership between Ascendas-Singbridge, Infocomm Development Authority of Singapore (IMDA) and Enterprise Singapore (ESG) to form the Smart Urban Co-Innovation Lab. All three parties are looking to have a total of 30 co-innovation projects come out from the lab, which is expected to be launched at the end of the year as the first developer-led lab in Southeast Asia. This announcement follows last year’s call for innovation led by IMDA, Ascendas and JTC. Ascendas has published 12 probl....
Read More >>