SINGAPORE (July 15): Keppel Offshore & Marine (Keppel O&M) announced that it has secured two contracts from MODEC Offshore Production Systems (Singapore) worth a combined value of $73 million.
The contracts were signed by Keppel O&M’s wholly-owned subsidiaries Keppel Shipyard in Singapore, and BrasFELS in Brazil.
Keppel Shipyard has been engaged to fabricate, complete, and integrate the topside modules and mooring support structure for a floating production storage and offloading vessel (FPSO).
The BrasFELS shipyard has won a topside module fabrication contract for an FPSO for the Buzios field in the Santos Basin, off the coast of Rio de Janeiro, Brazil.
Work under both contracts will commence in 3Q20, and the vessels are slated to be delivered by 2Q21 and 4Q21 respectively.
“We are pleased to have been chosen by repeat customer, MODEC, as a trusted partner to execute and deliver its key projects wherever they are needed,” says Chris Ong, CEO of Keppel O&M.
“We have built a solid track record of 11 projects completed with the MODEC group of companies over the years, which include FPSO conversions, module fabrication and integration works, as well as turret projects,” he adds.
“We have confidence in Keppel’s track record and ability to deliver in spite of the current challenging environment, as we continue to support Brazil’s significant oil and gas industry. While low oil prices amidst a global pandemic marks a difficult time for the industry, we are confident that there is continued demand for energy in the long-term as the global economy gears up for recovery,” says Anthony Quinn, president and COO of MODEC Offshore Production Systems.
As at 4.23pm, shares in Keppel Corp are trading 7 cents higher or 1.2% up, at $6.05.
