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Keppel awarded $139 million in contracts

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SINGAPORE -- Keppel Offshore & Marine has secured new contracts totaling $139 million.

The orders include the upgrade and conversion of an FSO into an FPSO by Keppel Shipyard for Single Buoy Moorings, the building of two RAmpage 5500 Z-M offshore support tugs by Keppel Singmarine for Seaways International, and the construction of three tugboats at Keppel Cebu Shipyard in the Philippines.

Work on the FPSO is expected to begin in 1Q 2009 for completion in 4Q 2010. It is being developed for the Cossack Wanaea Lambert Hermes oil field.

The two DP-2 multi-tasking anchor handling tugs are due for completion in the first half of 2011 and will be deployed in West Africa, Asia or the Middle East. This is a repeat order from Seaways. Keppel Singmarine currently is building a similar AHT for the same owner for delivery in end 2009.

12/29/2008

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