SINGAPORE: Keppel Corporation said it has secured contracts valued at S$170 million to build two floating production storage and offloading (FPSO) upgrading projects via Keppel Shipyard.
The first contract is from SBM Offshore to refurbish and upgrade an existing FPSO vessel, which is expected to be completed by Q3 2013.
Keppel Shipyard's second contract is to modify and upgrade Bumi Armada's FPSO vessel, and work is expected to be completed in Q4 2013.
Since 2000, Keppel has delivered 14 FPSO/FSO conversion projects to SBM Offshore.
In 2011, Keppel Shipyard delivered FPSO Armada TGT 1 and FSO Sepat to Bumi Armada.
The contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the current financial year.
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