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June 2, 2005

Keppel wins $174 million FPU contract

Keppel Shipyard Ltd has entered into an agreement with Charter Development Limited Liability Company (CDC), a special purpose company of ABN Amro Bank's Brazilian unit, for the hull conversion of a Floating Production Unit (FPU) for US$174 million.

Work includes marine conversion as well as the fabrication and integration of the internal turret on the 322,446 dwt VLCC Settebello. When completed, the turret, with 75 risers, will be the largest turret ever fabricated and.

To be named PETROBRAS 53 (P-53), the production unit will be completed by the end of 2006.

The facility will be towed to a CDC topside contractor yard in Brazil for installation and integration of the topside modules.

Petrobras SA will then charter the P-53 from CDC for the Marlim Leste field in the Campos Basin.

To be installed at 1,080 meters water depth, P-53's capacity will include processing up to 180,000 bopd (barrels of oil per day), a gas compression capability of 6 million cubic meters per day and a water injection capability of 39,0000 cubic meters per day.

Mr. Nelson Yeo, Executive Director of Keppel Shipyard, a member of the Keppel Offshore & Marine Ltd (Keppel O&M), said, "This contract is a reflection of Petrobras' confidence in us.

"Having successfully completed 51 FPSO and FSO conversion projects to date, we have the expertise to offer our customers high quality products and value-added services."

Keppel O&M has undertaken several significant offshore projects, directly and indirectly, for Petrobras.

Currently, the group is building Petrobras' P-51 and P-52 production platforms through a consortium comprising Keppel FELS Brasil, Keppel FELS and Technip Coflexip.

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