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08 Oct 2010

Keppel delivers FPSO P-57 to SBM for Petrobras

Keppel Offshore & Marine Ltd (Keppel O&M) has delivered the P-57 Floating Production Storage and Offloading (FPSO) vessel to SBM Offshore N.V. (SBM) early, within budget and safely.

Spanning 311 metres long by 56 metres wide, or almost three football fields, P-57 is one of the largest Brazilian FPSOs to be converted, under a turnkey supply contract between SBM and Petrobras Netherlands B.V (Petrobras) for the Jubarte field, offshore Espirito Santo.

The upgrading and pre-conversion of the 255,272-dwt tanker, MT Accord, into the P-57 was completed at Keppel Shipyard in Singapore earlier this year, with the shipyard receiving SGD 1 million (USD761,000) in bonus from SBM for the safe and timely completion.

After the vessel sailed to Brazil, further work performed at Keppel FELS Brasil SA's BrasFELS yard in Angra dos Reis included the fabrication and integration of topside modules, piping and electrical equipment, as well as commissioning. The project has fulfilled the local content requirement of 68%, and was achieved with an outstanding safety record of about nine million incident-free man-hours to date.

P-57 was christened at the BrasFELS yard on 7 October 2010 by Madam Renée Carvalho, widow of the late Mr Apolônio de Carvalho, in the presence of Brazil's President H.E. Luiz Inácio Lula da Silva, Governor of Rio de Janeiro Mr Sergio Cabral, as well as Petrobras' President Mr Jose Sergio Gabrielli. They were joined by the senior managements of Keppel and SBM and some 8,000 BrasFELS employees, in celebrating the achievement of this landmark national project.

Mr Tony Mace, MD & CEO of SBM, said, "After 24 months of intensive planning, engineering and execution together with Keppel, we are very pleased that the P-57 will be delivered to Petrobras early and within budget, and with the highest safety standards.

"Converted to Petrobras' new-generation FPSO design, under SBM/Petrobras's stringent requirements for safety and quality, the P-57 represents a major step in SBM's business growth as a leading provider of offshore floating production solutions. It is also a strong showcase of the reliability and capability of Keppel's global yards in carrying out massive projects across continents.

"At SBM, we are proud to build on our strong partnership with Keppel, with whom we have successfully converted 10 FPSOs, including P-57, since 2000."

When deployed on location in 2010, P-57 will have a production capacity of 180,000 barrels of heavy oil per day (bopd). Its capabilities include compressing 2 million cubic metres of gas per day, processing 300,000 barrels of liquids per day and storing 1,600,000 barrels of oil.

Mr Choo Chiau Beng, Chairman of Keppel Offshore & Marine and non-resident Ambassador of Singapore to Brazil, said, "Wherever Keppel is present, we are fully committed to support our customers and delivering on our promises. Today, we not only celebrate the project achievements on P-57's conversion, but also the fruition of Keppel's Near Market, Near Customer strategy, which we have pursued relentlessly over the years.

"P-57 is a sterling example of how our integrated global yards make it possible for Keppel to help fulfil the desire for local content, whilst accomplishing challenging, large-scale projects with quality and precision. Indeed, we are very privileged to be entrusted by SBM and Petrobras with the conversion of the P-57, and look forward to deepen this win-win partnership between our companies."

P-57 is the 12th major FPSO conversion/upgrading project that Keppel has completed for Brazil. Including P-57, Keppel's projects for Petrobras will contribute substantially to Brazil's domestic oil production capacity.

Mr Choo added, "We have been equipping our yards and training our workers to take on more sophisticated jobs over the years, transferring expertise, technology and systems from our Singapore yards to Brazil in the process.

"As a result, our BrasFELS yard is today the most comprehensive offshore and marine facility in Latin America, and has been able to help to meet Brazil's requirements for greater local content. Our operations in the country will soon be augmented by our newest addition, the Keppel Singmarine Brasil shipyard in Santa Catarina by the first half of 2011.

"I am confident that we have prepared ourselves well to contribute meaningfully to Petrobras and our customers in Brazil and Latin America."

- End -

For further information, please contact:
Roy Tan (Mr)
Senior Executive
Group Corporate Communications
Tel: +65 64136 420

Monique Pereira (Ms)
Corporate Communications
Keppel FELS Brasil
M: +55 21 7627 8440 / +55 21 2102 9400



Download - Quotes from KCL CEO


About the Jubarte field
Jubarte Field is 70km offshore the state of Espírito Santo, Brazil, adjoining the Coachote field. It is the world's deepest heavy oil field, lying at 1,300m water depth. It is located in the northern Campos Basin in Block BC-60.

Discovered in January 2001, the field is owned and operated by Petrobras. When discovered the project was Petrobras's largest discovery since 1996. Oil reserves were estimated to be about 600 million barrels.

About Single Buoy Moorings Inc (SBM)
SBM, with its head office in Switzerland and its operating offices in Monaco, is the largest member of the Group. Its product line is the supply of facilities and services for the development and production of offshore oil and gas fields as well as the systems relevant to the mooring technology at large. SBM also owns and operates the Company's lease units.

About Keppel Offshore & Marine
Keppel O&M's near market, near customer strategy is bolstered by a global network of more than 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry. Keppel FELS Brasil, and Keppel Shipyard are wholly-owned subsidiaries of Keppel Corporation Limited, through Keppel O&M.

Established in 2000, BrasFELS has achieved many firsts for the Brazilian offshore industry, including the construction of some of the world's largest FPUs, P-52 and P-51, for Petrobras. Presently, BrasFELS is constructing the third FPU, P-56. The yard has secured several upgrade and repair projects, including three of Noble's Brazil-based drillships, with the first expected to arrive early 2011. Keppel's equal joint venture with J. Ray McDermott, Inc., FloaTEC Singapore, has also won the contract from Petrobras and Chevron to build and operate the US$1 billion P-61 Tension Leg Wellhead Platform (TLWP) for the Papa-Terra field in Brazil's Campos Basin.

Over in Singapore, Keppel Shipyard's ongoing projects for Brazil include the conversion of FPSO P-58, FPSO Maersk Peregrino, FPSO OSX-1 and FPSO Cidade De Paraty. Keppel FELS is constructing the second of its proprietary DSSTM 38 semisubmersible rigs for trend-setting Brazilian drilling contractor group, Queiroz Galvão Óleo e Gás (QGOG). Both units are chartered to drill offshore Brazil for Petrobras.

In 2010, Keppel marked another milestone in this longstanding partnership with Brazil, with the acquisition of a 7.6-ha shipbuilding yard in Navegantes, Santa Catarina. The new yard will focus on the construction of offshore support vessels, including Anchor Handling Tug/Supply vessels, platform supply vessels, oil recovery support vessels and harbour tugs.