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Tue, Sep 22, 2020 – 9:02 AM
UPDATED Tue, Sep 22, 2020 – 10:26 am
KEPPEL Corporation said on Tuesday that its marine and offshore arm Keppel Offshore & Marine (Keppel O&M) has closed two contracts worth about 200 million Singapore dollars combined, one in the United States and the other in Singapore.
These projects represent Keppel’s ninth newly built dredge and the fifth conversion of the floating regasification and storage unit (FSRU), the conglomerate said in a press release.
In the US, Keppel AmFELS, a wholly-owned subsidiary of Keppel O&M, will build a high-specification Running Suction Hopper Dredger (TSHD) for Manson Construction Co, an employee-owned marine contractor based in Seattle.
The TSHD will be the first dredge built in the Keppel AmFELS yard in Brownsville, Texas. When it’s complete, It will measure 128 meters long with a beam of 25 meters and a draft of eight meters, will have a hopper capacity of 11,468.3 cubic meters and will operate mainly on the Gulf Coast and the Atlantic Coast of the United States.
Keppel O&M Chief Executive Officer Chris Ong said: “This is an exciting first new build project for Keppel O&M with Manson Construction Co and we will build the largest hopper dredger in America.”
To date, Keppel O&M has delivered four dredgers and is building another four.
In Singapore, Keppel Shipyard, another of Keppel O & M’s wholly owned subsidiaries, is undertaking the conversion of a liquefied natural gas (LNG) carrier to an FSRU bound for the port of Acajutla, El Salvador. The FSRU will be the first integrated LNG-to-energy conversion project in El Salvador.
FSRUs are a cleaner, faster and safer storage and regasification solution that is particularly suitable for deployment in remote areas with lower power requirements.
The contract was signed with FSRU Development Pte Ltd, a joint venture between BW Gas Limited and Invenergy Investment Company. BW Gas manages the LNG transportation and gas solutions business of the global maritime group BW Group, while Invenergy is a global developer and operator of sustainable energy solutions.
“Keppel O & M’s partnership with BW Group has grown solidly, having worked together on more than 10 projects, including FPSO (Floating Production Storage and Unloading) and FSRU conversions, “Ong said.
He added that amid the challenges of dealing with Covid-19, measures have been put in place across all operations, whether in Singapore or the US, to ensure that work is done in a responsible and efficient manner so that ships can be delivered safely, on time and within budget.
Keppel O&M converted the world’s first FSRU in 2008 and previously delivered the world’s first floating liquefaction vessel (FLNG), according to the statement. It is working on a second FLNG, as well as Singapore’s first LNG bunkering vessel.
Keppel Corp said both projects have progressive payment terms.
The counter was trading S $ 0.02 or 0.5% lower at S $ 4.17 as of 10.12 am Tuesday, after the announcement.
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