Image courtesy of Keppel Corporation.

Keppel Offshore & Marine Ltd said Thursday that it has won $89 million worth of new marine projects.

Keppel Shipyard, a wholly owned subsidiary of Keppel O&M, has secured four contracts worth a total of about $89 million, or S$120 million, from repeat customers.

The first contract is from BW Catcher Limited, a wholly owned subsidiary of BW Offshore.

The contract covers the installation and integration of topside modules for a newbuild Floating Production Storage and Offloading (FPSO) vessel.

Keppel said that once the FPSO is completed it will be deployed to the Catcher Field in the UK North Sea.

The Catcher Field is operated by Premier Oil.

The second contract is from SOFEC, Inc. to fabricate an internal turret mooring system for a Floating Storage and Offloading vessel that will operate in Maersk Oil’s Culzean Field in the UK North Sea.

Keppel said that fabrication of the turret is expected to be completed in the third quarter of 2017.

For the third contract, Keppel Shipyard will carry out upgrading work to the Castorone pipelay vessel for Saipem Offshore Norway.

Keppel Shipyard previously undertook the completion and integration works for the newbuild Castorone in 2011.

The vessel is already berthed at Keppel Shipyard and upgrading work is scheduled to be completed in the third quarter of 2016.

The job scope for the Castorone vessel includes the replacement of switchboards to improve the vessel’s power distribution systems, renewal works on about 27 miles of electrical cables and various pipelay system upgrades.

The contract also covers the construction of new water ballast tanks and the conversion of old ballast tanks into fuel oil tanks to optimize the vessel’s capabilities.

The fourth contract is from Woodside Energy Ltd for the modification and upgrading of the FPSO vessel Ngujima-Yin to support the Greater Enfield project.

The shipyard said its job scope includes marine and hull life extension and refurbishment works, the installation of new customized water flood module, turret risers and power and control module.

The Woodside contract also includes the modification of swivel system, marine and topside related piping.

Keppel said the detailed engineering phase for the work is expected to begin this month.

Shipyard construction work is targeted to start in the second quarter of 2018.

Upon its completion, the Woodside-operated Ngujima-Yin FPSO will be deployed back to the Greater Enfield area in Western Australia.

“We are pleased to secure new orders from long-time customers who continue to entrust their projects with us, whether it is for turret fabrication or vessel upgrades,” Keppel O&M managing director of Marine &Technology Michael Chia said.

Keppel added that the four contracts are not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.


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