Keppel Offshore & Marine (Keppel O&M)

The news follows the company’s Oct 9 announcement that it has signed a $600 mil contract with an unannounced company.

The delivery follows three 3,500 m3 TSHDs and one 6,000 m3 TSHD in 2019.

Shares in Keppel Corporation closed 1 cent lower or 0.2% down at $5.23 on Nov 26.

Keppel cannot afford to be weighed down by the O&M unit as it seeks to secure its future.

CGS-CIMB says these contract wins represent Keppel’s ninth newbuild dredger and its fifth FRSU conversion to-date.

The MOU will be valid for five years.

The contracts were signed by Keppel O&M’s wholly-owned subsidiaries Keppel Shipyard in Singapore, and BrasFELS in Brazil.

The Vision 2030 of Keppel Corp takes the OneKeppel approach much further. In a press release on May 28 this year, Keppel said the company plans to focus more on renewables, environmental solutions, nearshore floating infrastructure, c

Under the agreement, Keppel O&M will defer the scheduled delivery of five jackup rigs to Borr Drilling to 2022. The rigs will be delivered progressively. Borr Drilling will cover holding costs for all the deferred deliveries.

Keppel Corporation has requested Floatel International, an associated company of Keppel Offshore & Marine to perform an independent review of its business plan following Prosafe’s impairment.