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November 27, 2020

Keppel O&M lands multimillion-dollar FPSO deal

Singapore’s offshore rig and vessel builder Keppel Offshore & Marine (Keppel O&M) wholly owned subsidiary Keppel Shipyard won a contract from an undisclosed repeat customer.

By Himaja Ganta

Singapore’s offshore rig and vessel builder Keppel Offshore & Marine (Keppel O&M) wholly owned subsidiary Keppel Shipyard won a contract from an undisclosed repeat customer.

The S$100m (approximately $75m) contract is for the fabrication, installation and integration work on a floating, production, storage and offloading (FPSO) vessel.

Keppel’s scope for the contract includes the fabrication and integration of topside modules, riser balconies and spread mooring support structures.

The company also noted that it would provide pre-commissioning and commissioning works to the customer.

Keppel Shipyard will commence pre-fabrication work on the topside components in the first quarter of the next year (Q1 2021).

Keppel O&M Conversions & Repairs managing director Chor How Jat said: “We are pleased to secure our 140th conversion project to help meet the world’s need for energy. As the world’s leader in FPSO conversion and integration projects, we have built up strong capabilities to add value to our customers’ projects and efficiently deliver high-quality FPSOs, while contributing to the circular economy with our conversion solutions.

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“With the challenges posed by Covid-19, the health and safety of our workforce are paramount. We have put in place measures to safeguard our people and maintain our operations to ensure that each project entrusted to us is delivered as planned.”

The latest contract would not have any material impact on the net tangible assets of Keppel for the existing financial year.

In June, Keppel O&M signed a framework deed to defer the scheduled delivery of five jack-up rigs to Borr Drilling to 2022.

Last December, Keppel O&M subsidiary Keppel FELS delivered the KFELS B Class jack-up rig, Cantarell III, to a fully owned subsidiary of Grupo R through the signing of a sale and leaseback deal.

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