Keppel Offshore & Marine Ltd., in its recent announcement has unveiled that it has secured two contracts in Brazil & Singapore with a combined value of over S$70 million through its wholly-owned subsidiaries.
According to reports, for Singapore, Keppel Shipyard has been assigned with the conversion of LNG (liquefied natural gas) carriers to a FSRU (floating storage and re-gasification unit). In Brazil, Keppel FELS Brasil Ltda has been involved with MODEC Offshore Production Systems Pte Ltd., its long-standing Singapore-based customer, to undertake the topside fabrication and integration module of the FPSO (floating production and offloading vessel) Carioca MV30. For the record, this is the sixth FPSO collaboration between MODEC and FELS Brasil.
Sources cite that the Singapore-based Keppel Shipyard has earlier delivered three FSRUs that apparently include the world’s first FSRU conversion. They further claim that FSRUs are a cost-effective, safe, fast, flexible, and environmentally-friendly solution that are well suited for deployment in remote locations.
The chief executive officer of Keppel O&M, Chris Ong, reportedly revealed in a company statement that Keppel O&M, having successfully delivered more than 130 units over these years, has a strong track record in storage, production, liquefication or gasification vessels. He further added that the FPSO Carioca MV30 is the company’s 11th FPSO project for Brazil and BrasFELS, being a well-established shipyard in Brazil is well in line with the company’s hallmark of executional excellence.
Reports reveal that FPSO Carioca MV30, post successful completion, will have the capacity to process 180,000 bopd (barrels of crude oil per day) and 212 million cubic meters of gas per day. The present storage capacity of the unit is 1.4 million bopd.
Sources reveal that the contracts are not expected to have a material impact on the net tangible assets or earnings per share of Keppel for the FY 2018.