Keppel Offshore & Marine (Keppel O&M) has been awarded contracts worth $250 million from repeat customers.

The contracts were received by Keppel O&M’s subsidiary, Keppel Shipyard for the integration of two floating production storage and offloading (FPSO) vessels.

The first contract was signed with BW Offshore, a fully-owned subsidiary of the BW group, where the former will work on a newbuild FPSO.

The contract follows the Letter of Award that Keppel Shipyard received from BW Offshore on Nov 25, 2021.

The hull of the FPSO is expected to arrive in Singapore in mid-2023. The delivery is scheduled to take place on 2HFY2024.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/contracts/rex-international-signs-deeds-novation-pertaining-production-sharing-contracts?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Rex International signs deeds of novation pertaining to production sharing contracts with Petronas</a></b></span>

The second contract was signed with Single Buoy Moorings (SBM), as well as a joint venture company between SBM and McDermott to undertake the fabrication, installation, and integration of topside modules for an FPSO project.

The yard will also support SBM with pre-commissioning and commissioning work, which is expected to begin in the 2HFY2022. The hull of the FPSO is expected to arrive in the hard in the 1HFY2023, delivery is scheduled to take place within the 2HFY2024.

Chor How Jat, managing director (conversions & repairs) at Keppel O&M, says, “Despite a volatile market, we are pleased to be awarded contracts from our longstanding customers as it is a testament to the partnerships that we have built up over decades of collaboration. We are seeing signs of fundamental improvement in the market, and are well-positioned to team up with customers to provide innovative, reliable, quality, and value-added solutions.”

Shares in Keppel Corp closed 11 cents lower or 1.59% down at $6.79 on May 6.

Keppel O&M awarded FPSO integration contracts worth $250 mil

DBS suspends coverage of Bukit Sembawang Estates; keeps 'buy'

CGS-CIMB downgrades GKE with lower target price of 10 cents

Investors should focus on equities in the current environment with more defensive bias: Julius Baer

Businesses in Singapore eager to hire international talent with the rise of remote work

Putting consumer safety at the forefront of every retailer's agenda

ShopBack leverages Forter to grow securely

DBS sells Tee International's Changi North Crescent property to Applied Materials South East Asia

Keppel O&M awarded FPSO integration contracts worth $250 mil

Related Stories

Highlights

China's shock Covid shift adds fuel to world-beating stock rally

Related Stories

Keppel Corp receives three-month extension of credit period from CPIB

Chip Eng Seng secures $173 mil contract by HDB

Chip Eng Seng secures contract worth $67.5 mil through 55%-owned JV company