Keppel awarded contracts to refurbish floating production units  

The second contract is between Keppel Shipyard and MODEC Offshore Production Systems to complete a floating production storage and offloading vessel (FPSO). The shipyard’s scope of work is to complete the topsides integration work and support the precommissioning and commissioning activities for the FPSO. The vessel is expected to arrive at its Singapore yard Q4 2022.

When completed, the FPSO, which can process 100,000 barrels of oil per day and will be delivered to Woodside Energy (which serves as operator of the Sangomar Field Development Phase 1), where it will be moored in waters approximately 780 m deep, located some 100 km south of the Senegalese capital Dakar.    

Keppel O&M chief executive Chris Ong said, “Such projects underscore our expertise in advancing the circular economy through repurposing or rejuvenating existing vessels and renewing their lifespans. As the demand for energy increases and the market improves, we are committed to supporting the energy transition through our innovative solutions.”

The company said the current contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corp Ltd for the current financial year.

Last week, Keppel Corp reported positive figures for H1 2022 with net profits from operations in the period (excluding discounted operations) at S$434M (US$314M), representing a 26% increase year-on-year, bolstered by recurring income which grew 43% to S$202M.

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