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Marine Log

February 1, 2008

Keppel wins contract for first U.S. Gulf FPSO

Keppel Shipyard Limited (Keppel Shipyard), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has secured contracts worth over US$151 million for Floating Production Storage Offloading (FPSO) conversions.

These include the first U.S. Gulf of Mexico FPSO for BW Offshore and conversion of a tanker for Maersk Contractors

BW Pioneer Ltd, an affiliate of BW Offshore, has awarded Keppel a contract to convert the first FPSO for the Cascade and Chinook fields in the US Gulf of Mexico (GoM).

To be named BW Pioneer, the FPSO will have a storage capacity of about 600,000 barrels of oil, a process capacity of 80,000 bopd and gas export facilities of 16 mmscfd. This FPSO unit will be leased by Petrobras America Inc., and production on the Cascade and Chinook fields is expected in the first quarter of 2010.

When completed in the third quarter of 2009, the FPSO will be turret moored at a water depth of around 2600 m -- the deepest waters ever for an FPSO. It is designed to disconnect and move by its own propulsion to safe waters from an approaching storm.

Mr Svein Moxnes Harfjeld, CEO of BW Offshore commented: "Being the first FPSO for the US GoM waters, the Cascade and Chinook project represents a great challenge in many ways. Keppel Shipyard's solid competence is therefore of strong value".

Executive Director of Keppel Shipyard, Mr Nelson Yeo said, "This is the second FPSO conversion awarded to Keppel Shipyard by BW Offshore since the conversion of FPSO Berge Helene in 2005. We thank BW Offshore for this trust and are delighted to carry out work on the first FPSO to be deployedin the US GoM."

Keppel's latest Maersk Contractors contract is for the conversion of the company's second FPSO from Singapore. The FPSO will have a new VLCC hull that is due to arrive in the yard from China in the fourth quarter of 2008, and is expected to complete by end 2009.

The workscope on the fast-track outfitting of the newbuild VLCC includes the installation and integration of the topside modules; the fabrication, installation and integration of the APL internal turret, flare tower, process piperack and helideck; and the upgrading of the accommodation. The FPSO will operate in a water depth of around 100 m at the Peregrino field in Brazil's Campos basin, and is capable of producing 100,000 bopd with a storage capacity of 1.6 million bbls.

Mr Yeo said, "We are delighted that Maersk Contractors has entrusted us with a second FPSO. This is a vote of confidence to the good work we have accomplished together on the first vessel, which is nearing completion. We look forward to continuing our excellent partnership to deliver yet another quality project."

Mr Paul Carsten Pedersen, Group Senior Vice President of Maersk, said, "Maersk and Keppel have built a longstanding partnership on mutual understanding, trust and teamwork. We are impressed with what Keppel Shipyard has done for us on the first FPSO, which will be named this weekend. It is natural to appoint Keppel Shipyard again for our latest FPSO, a project which we believe they will complete to a similarly high degree of satisfaction."

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