Keppel awarded repeat contracts worth S$125m

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Keppel awarded repeat contracts worth S$125m

Keppel Offshore & Marine Ltd (Keppel O&M)’s local and overseas subsidiaries continue to win strong support from repeat customers by securing four contracts worth a total of about S$125 million.

In Singapore, Keppel O&M’s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) secured two conversion contracts – the first is for a Liquefied Natural Gas (LNG) Floating Storage Unit (FSU) vessel awarded by Armada Floating Gas Storage Limited, a wholly-owned subsidiary of Bumi Armada Berhad (Bumi Armada); the second is for a Floating Production Storage and Offloading (FPSO) vessel awarded by Yinson Production (West Africa) Pte Ltd (Yinson), a wholly-owned subsidiary of Yinson Holdings Berhad.

Work on the LNG FSU conversion for Bumi Armada is scheduled to be completed in 3Q 2016. Upon completion, the LNG FSU vessel will operate at the Delimara LNG Regasification Terminal in Malta.

As for the FPSO conversion for Yinson, work is expected to commence in 1Q 2016. The work scope includes modification work, new equipment installation complete with associated piping, electrical and instrumentation systems as well as installation and integration of the FPSO process topsides. Upon completion, the FPSO will be deployed to the Offshore Cape Three Point block located in offshore Ghana.

Mr Chow Yew Yuen, Chief Executive Officer of Keppel O&M, said, “Even in challenging market conditions, we are glad to be the choice yard for operators. This is the 14th conversion/upgrading project that we are undertaking for Bumi Armada. It is also their first LNG FSU conversion project and we are proud to be their trusted partner again. The confidence shown in us is a reflection of Keppel’s proven track record in delivering quality products competitively, with high standards of safety and to customers’ satisfaction.

“We are also grateful for the opportunity to support Yinson again on a conversion project. Having worked with them on an FPSO project in 2012, we will be able to leverage the past experience and close relationship to fast track this project to meet their requirements.”

As for Keppel O&M’s overseas yards, Keppel FELS Brasil SA’s (Keppel FELS Brasil) BrasFELS shipyard in Rio de Janeiro, Brazil, secured a FPSO integration contract awarded by MODEC Offshore Production Systems (Singapore) Pte Ltd. (MODEC), while Caspian Shipyard Company LLC (Caspian Shipyard Company) in Baku, Azerbaijan, secured a barge enhancement contract awarded by BP Exploration (Shah Deniz) Limited (BP), operator of the Shah Deniz gas field development.

For MODEC’s contract, BrasFELS will be carrying out integration and commissioning works on the FPSO vessel, Cidade de Caraguatatuba MV27. Cidade de Caraguatatuba MV27, which is to be deployed in the Lapa field, Santos Basin, Brazil, will depart from Keppel Shipyard and arrive at BrasFELS in 2Q 2016. In the past five years, BrasFELS has successfully completed five FPSO projects safely and ahead of schedule, of which three were for companies affiliated to MODEC.

For BP’s contract, Caspian Shipyard Company will be strengthening the steel structure of the hull of STB-1 Vessel, a purpose-built jacket transportation and launch barge. This is the third time that Caspian Shipyard Company has been chosen to carry out refurbishment or enhancement works for STB-1 Vessel. Once the hull strengthening work is completed, STB-1 Vessel will be deployed to transport and launch two jackets for the Stage 2 development of the Shah Deniz field.

Mr Chow said, “With our wide spectrum of offshore and marine solutions, we are able to serve the various needs of the industry, be it in oil production or offshore support services. Leveraging our long track record in delivering projects on time and within budget, we will continue building on the good relationships formed over the years with our existing global network of customers to support them in their operations.”

Source: www.keppelom.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.