21 Aug 2002

Keppel Shipyard sets new benchmark in fast-track FPSO conversions with the delivery of FPSO Brasil

The yard also won a silver award for safe work on the vessel

Keppel Shipyard, the marine unit of Keppel Corporation, has set a new benchmark for fast-track conversions of highly complex Floating Production Storage Offloading facilities (FPSO) with the delivery of FPSO Brasil to Single Buoy Moorings (SBM) Inc.

Said Mr Nelson Yeo, Keppel Shipyard’s Executive Director, “Keppel Shipyard completed this urgent and exacting job in 12 months while the owners are carrying out the engineering specifications and procurement work concurrently.

“This is certainly very challenging for both the shipyard and the owners. It is especially in a complex FPSO conversion like Brasil.”

The scope of the conversion work on Brasil for Keppel is significantly larger than Espadarte FPSO, which Keppel Shipyard had set a record in 2000 as the most complex conversion completed in 10.5 months.

The 256,712dwt vessel, FPSO Brasil, will be leased to Petrobras SA for deployment in the Roncador Field in the Campos Basin off the coast of Brazil. It is capable of handling up to 100,000bpd of crude oil production and a storage capacity of approximately 1.7 million barrels.

Mr Yeo commented, “Trust and confidence of customers are earned. For this reason Keppel Shipyard seeks to fulfil our commitment to our clients by delivering what its promises every time.

“SBM has a very urgent production deadline of this FPSO for Brazil. As its preferred shipyard, we work closely with their team of professionals to meet the schedule as well as the stringent requirements that are typical of an offshore vessel. I am glad this partnership with them is yet another success for all of us.”

Furthermore, Keppel Shipyard was also given a Silver Award for safety at work on FPSO Brasil by the Ministry of Manpower for year 2002.

“We won this award as the result of SBM and our project team’s commitment to safety," added Mr Yeo.

SBM, which owns and operates the world’s largest fleet of FPSO and FSO, has chosen Keppel Shipyard as its preferred shipyard in the Far East. The yard has completed the conversion of four (4) FPSOs/FSOs for SBM in the last three years.

Currently, SBM has contracted Keppel Shipyard to carry out another FPSO conversion on VLCC Amazon Eagle. The vessel sailed into the yard in May 2002 and is due for completion in mid 2003.

Keppel Shipyard is a world leader in FPSO/FSO conversions, a leading yard in shiprepair and a niche player in specialised construction. It is part of the newly launched Keppel Offshore & Marine Ltd group which aims to strengthen Keppel Corporation’s global leadership in the offshore and marine industry.

Single Buoy Moorings Inc. is one of the major suppliers of loading and offloading terminals Single Point Moorings (SPMs) and a leading owner and operator of FSO and FPSO systems. Established in 1969, SBM has supplied over 50% of SPMs installed worldwide. SBM has been involved in a combined total of over 50 FSO and FPSO projects of varying scopes.

For further information, please contact

Pauline Tan Li Hua (Ms)
Executive Group Corporate Communications
Keppel Corporation Limited
Tel: 6885 7423/ 9742 3717
Email: pauline.tanlh@kepcorp.com

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FPSO Brasil is the fifth conversion project that Keppel Shipyard has completed for repeat customer, Single Buoy Moorings Inc.