Keppel Singmarine secures S$80 million in contracts

Keppel Singmarine Ltd., a wholly owned subsidiary of Keppel Offshore & Marine Ltd. (Keppel O&M) has secured orders for three offshore support vessels (OSVs) and two tugboats for about S$80 million.

Offshore staff

Keppel Singmarine Ltd., a wholly owned subsidiary of Keppel Offshore & Marine Ltd. (Keppel O&M) has secured orders for three offshore support vessels (OSVs) and two tugboats for about S$80 million.

Keppel will deliver the vessels to their owners progressively up to the end of 2006.

Keppel Singmarine will build one ice-class OSV for anchor handling and supply purposes for the Russian oil company Lukoil Kaliningradmorneft (Lukoil). When completed at end 2006, Lukoil will deployd the vessel in the Caspian Sea region.

The other two OSVs are for Groupe Bourbon (Bourbon). With these two 100-tonne bollard pull anchor handling tugs, Keppel Singmarine's orders from Bourbon will total seven vessels.

Keppel Smit Towage has ordered two tugboats. Keppel's Marine Technology Development designed the vessels.

Keppel Singmarine has 19 vessels under construction, having delivered five since the beginning of 2005.

Its strong orderbook has placed the company as one of the world's leading builders of offshore support vessels, Keppel says.

Charles Foo, chairman of Keppel Singmarine said, "The demand for offshore support vessels is strong with an aging world fleet and improvement in offshore oil and gas exploration and production. I am glad that Keppel Singmarine has successfully repositioned itself as a specialized shipbuilder to offer quality products and services on-time and on-budget for our customers in the market segment for OSVs and harbour and terminal tugs."

5/10/05

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