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Keppel secures four vessel conversion and repair projects worth S$85m

Singapore

KEPPEL Shipyard, a unit of Keppel Corporation, has won four contracts totalling S$85 million for the conversion, repair and modification of vessels. They will be progressively completed from the third quarter of this year until the third quarter of 2018.

The first contract is from Dixstone Holdings Ltd for the conversion of the M/T Tempera to an FPSO (floating, production, storage and offloading) vessel. Work is expected to begin in the third quarter of 2017 and upon expected delivery in Q3 2018, the FPSO will be deployed to the Yombo field operated by Perenco off the Republic of Congo, Africa.

For the second contract, Keppel Shipyard will carry out repair work for the life extension and conversion of an oil tanker, MTC Ledang, to an FPSO, for new customer MTC Engineering Sdn Bhd. Upon completion in Q3 2017, the FPSO will be deployed to the Ophir Field, offshore peninsular Malaysia.

The third contract is from Royal Boskalis Westminster NV for the conversion of a semi-submersible heavy lift vessel, the Finesse, to a crane vessel. The vessel, which is already berthed at Keppel Shipyard, will be completed in Q3 2017.

For the fourth contract, Keppel Shipyard will carry out major refurbishment for an Exmar Ship Management gas carrier, the LNG Lerici. Work on the vessel has begun and is expected to be completed in Q1 2018.

Keppel Shipyard is a wholly owned subsidiary of Keppel Offshore & Marine, which is in turn a unit of Keppel Corp.

Keppel Corp's counter was down 0.64 per cent, or four Singapore cents, to close on Wednesday at S$6.24 before the announcement.