Keppel order book up at the close of 2007
Offshore staff
SINGAPORE -- Keppel Corp. says its Offshore & Marine order book increased by 46% to $6.83 billion at the end of last year.
According to Keppel, its global facilities are doing more offshore work, with $4.7 billion worth of contracts secured last year, up from $4.2 billion in 2004, $2 billion in 2004 and $1.4 billion in 2003.
The company says 42% of the $4.7 billion in contracts was for semisubmersibles, 37% for jackups, and 21% for conversions, shipbuilding, and others.
Keppel delivered six KFELS B class jackups, one semi drilling tender rig, one upgraded semisubsmersible, two FPSO conversions, 11 offshore supply vessels, and five tugs in 2006.
"We are leveraging synergies across global network of yards," says Teo Soon Hoe Keppel group finance director.
The company says floating production systems were the preferred production choice for the recent deepwater discoveries.
According to Keppel, the perceived urgent need to replace reserves has spurred more exploration.
Keppel is scheduled to deliver $976 million worth of projects this year, $2.5 billion in 2008 and $3.4 billion in 2009-2010.
Revenue from the Offshore & Marine division made up more than three-quarters of the group's total revenue. The division recorded $3.8 billion in revenue, a 40% growth over 2005.
The Keppel Group, including property and infrastructure developments, reported a 34% increase in revenue to $4.9 billion and a 33% increase in full-year earnings to $488 million for the year ending Dec. 31, 2006.
1/31/2007