Feature 5
Keppel on the up and up
Singapore’s Keppel Corp posted record profits for 2007, on the fifth
anniversary of the creation of its amalgamated Offshore and Marine
division.
K
eppel Corp has achieved
double digit growth since 2002,
when its Offshore and Marine
subsidiary, Keppel Offshore and Marine,
was established. For the past two years,
the group’s overall growth has exceeded
30%.
Keppel O&M comprises Keppel
FELS, which constructs and converts
jack-up rigs and semisubmersibles;
Keppel Singmarine, building offshore
support vessels and tugboats; and
Keppel Shipyard, which specialises
in floating production, storage, and
offloading (FPSO) conversions. In
2007 the subsidiary contributed half of
Keppel Corp’s overall Sing$10.43 billion KOMtech is intended to bolster Keppel O&M’s competitive edge by providing advanced
(US$7.38 billion) earnings, up from technology such as the provision of drilling solutions for the Arctic environment.
Sing$7.6 billion in 2006.
Keppel O&M’s 2007 total contract
value reached Sing$7.4 billion, with a will increase its staff of 28 scientists and will also be equipped with ice-class hulls
net orderbook of Sing$12.2 billion and researchers to a minimum of 70. and fitted with DP2 capabilities, included
deliveries extending up to 2011 on behalf KOMtech is currently developing a in a package by Keppel Shipyard which
of companies such as Maersk, Fred. conceptual design for a Sing$1 billion will provide installation, integration,
Olsen, Lukoil, and Petrobras. mobile ice-resistant drilling unit, and completion of the owner-supplied
In fourth quarter 2007 alone Keppel intended to drill for oil and gas in icy power generation, thrusters, and drilling
O&M completed one semi-newbuild, two waters with a depth of 7m to 25m in the equipment.
accommodation platforms, one FPSO Russian sector of the Arctic. It will be In addition, Keppel Shipyard has won
outfitting, and four barges, among others, able to withstand a force equivalent to FPSO conversion contracts totalling
as well as securing contracts including 100,000tonnes of ice. over Sing$215 million, both for Maersk
one semi-newbuild, one FPSO outfitting, 2008 looks to be just as successful Contractors, and the first USA Gulf of
and one semi-heavylift upgrade, totalling for the Keppel O&M offshoot as it Mexico FPSO for BW Offshore. Maersk’s
Sing$3 billion. has already been awarded a Sing$145 order involves a new VLCC hull that is
In support of its drive to sustain its million contract for the integration and due to arrive at the yard from China in
workload, the company made a Sing$150 completion of a newbuild Bully drillship fourth quarter 2008, and expected to be
million investment in the new KOMtech by a company jointly owned by Frontier completed by end 2009.
technology centre in 2007. According to Drilling and Shell. This is the second The workscope of the fast-track FPSO
Charles Foo, KOMtech centre director: drillship of this design awarded to outfitting includes the installation and
‘The scope of KOMtech encompasses the Keppel O&M by the same owners, and integration of the topside modules; the
whole spectrum of products and services the hull will be built in China, arriving fabrication, installation, and integration
for drilling and production rigs. at Keppel Shipyard in first quarter 2009. of the APL internal turret, flare tower,
‘It will include going into new areas The vessel is due delivery in second process piperack, and helideck; and the
such as the Arctic regions, and we will quarter 2010. upgrading of the accommodation. The
continue to focus on deepwater rigs and The Bully drillships are designed to FPSO will operate in a water depth of
do further development on jack-ups, conduct surface blow-out preventer around 100m at the Peregrino field in
subsea productions, critical equipment, (BOP) drilling operations in water Brazil’s Campos basin, and will be capable
and miniaturisation of topsides.’ depths down to 3600m, and subsea BOP of producing 100,000bopd with a storage
To maximise its resources, the centre operations down to 2500m. The vessels capacity of 1.6 million barrels. NA
The Naval Architect March 2008 79
NA Mar 08 -
p79.indd 79 06/03/2008 14:20:02
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