Keppel Offshore & Marine’s subsidiaries Keppel Shipyard and Keppel Singmarine have secured contracts worth S$368m ($294m).

Keppel Shipyard has won a contract to convert a floating production storage and offloading (FPSO) vessel for Armada Kraken, a subsidiary of Malaysia’s Bumi Armada.

The new FPSO, which is due for delivery in the third quarter of 2015, will serve as a harsh-environment unit and can operate in the North Sea under a strict regulatory regime.

Upon completion, the FPSO will have the capacity to produce the heavy-oil in the Kraken field, UK sector of the North Sea, for a 25-year period.

"Separately, Keppel Singmarine has secured a contract from Baku Shipyard to design, fabricate and outfit a subsea construction vessel (SCV)."

The FPSO, which has a storage capacity of 600,000 barrels, will be capable of handling a peak fluid rate of 460,000bpd, 80,000bpd of oil, 275,000bpd of water injection and 20 million standard cubic feet of gas handling.

The contract also requires Keppel Shipyard to provide refurbishment and life extension works, upgrade living quarters to house 90 staff and install an internal turret mooring system and topside process modules.

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Separately, Keppel Singmarine has secured a contract from Baku Shipyard to design, fabricate and outfit a subsea construction vessel (SCV).

After completion, the SCV will be deployed for the second stage development of the Shah Deniz field located approximately 70km offshore in the Azerbaijan sector of the Caspian Sea.

The SCV is a project that Baku Shipyard recently secured from BP Exploration (Shah Deniz), which operates the field.