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Friday, October 18, 2019

Keppel Corporation News

Photo: Keppel Corporation

Keppel to Build South East Asia’s First LNG Bunkering Vessel

Keppel Offshore & Marine Ltd (Keppel O&M) through its wholly-owned subsidiary, Keppel Singmarine Pte Ltd, has secured a contract from FueLNG, a joint venture between Keppel O&M and Shell Eastern Petroleum (Pte) Ltd, to build South East Asia's first Liquefied Natural Gas (LNG) bunkering vessel valued at approximately S$50 million. Scheduled for completion in 3Q 2020, the dual-fuel LNG bunkering vessel will have a capacity of 7,500 cubic metres. FueLNG will receive a grant of up to S$3 million as part of the Maritime and Port Authority of Singapore's (MPA) LNG Bunkering Pilot Programme (LBPP).

Photo: Keppel Corporation Limited

Keppel Explores Sale of Jack-up Rigs to Borr Drilling

Singapore yard Keppel Corporation is considering a sale of jack-up rigs to Norwegian offshore drilling contractor Borr Drilling, reports The Business Times. The world’s biggest builder of oil rigs is seeking to offload six jack-up rigs for up to US$960 million to the Oslo-listed drilling firm headed by Tor Olav Trøim, said the report. BT also reported that Keppel Capital has already hooked up with structured finance provider Clifford Capital to potentially extend a sale-and-lease-back arrangement for at least one jack-up contracted by Grupo R.

Keppel FELS Brasil. Photo: Keppel Offshore & Marine

Keppel O&M to Pay US$422m to Resolve Petrobras Issue

Keppel Corporation Limited (Keppel Corporation or Keppel) today confirmed that KOM has reached a global resolution with criminal authorities in the United States, Brazil and Singapore in relation to corrupt payments made by KOM's former agent in Brazil,  Zwi Skornicki. As part of the global resolution, KOM has accepted a conditional warning from the Corrupt Practices Investigation Bureau (CPIB) in Singapore, and entered into a Deferred Prosecution Agreement (DPA) with the U.S.

Image: Keppel Offshore & Marine

Keppel AmFELS to Build Two LNG Fueled Containerships

Keppel AmFELS, a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) in the United States (US), has secured a contract worth more than US$400m from Honolulu-based Pasha Hawaii for the construction of two Liquefied Natural Gas (LNG) fueled containerships. The dual fuel LNG vessels will be built to Keppel's proprietary design with delivery of the first vessel expected in 1Q 2020, and the second vessel in 3Q 2020. Simon Lee, President of Keppel AmFELS said, "We are pleased that Pasha has chosen us to build their first two LNG fueled containerships to our innovative design.

Photo: Sembcorp Industries

Keppel, Sembcorp Merger on the Cards ?

A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards, report local media quoting the Development Bank of Singapore (DBS). DBS said that with orders at a trough and expectations for only a modest recovery, a merger of Singapore's two major rigbuilders could create a global giant that is more competitive and resilient. “A merger could make sense to further streamline their operations, achieve cost synergies and eliminate competition in the medium term,” DBS said.

Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to build three Trailing Suction Hopper Dredgers (TSHDs). The TSHDs are worth about S$100 million in total. The first two dredgers are expected to be completed in 2H 2018 while construction of the third dredger will require a notice within six months from Jan De Nul to exercise the option for the dredger. To be built to Jan De Nul's design…

Photo Courtesy BW Offshore

Keppel Secures Marine Projects worth S$120 mln

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) has secured four contracts worth a total of about S$120 million from repeat customers. Mr Michael Chia, Managing Director (Marine & Technology) of Keppel O&M, said, "We are pleased to secure new orders from long-time customers who continue to entrust their projects with us, whether it is for turret fabrication or vessel upgrades. The first contract that Keppel Shipyard secured is from BW Catcher Limited…

Ms Christina Tan

Keppel to Focus on its Asset Management Businesses

Keppel plans to consolidate its interests in business trust, REIT and fund management under Keppel Capital and grow its asset management business. In a major restructuring exercise to grow the contribution from its Investment Division, Keppel Corporation Limited (Keppel Corporation) plans to consolidate its interests in business trust management, real estate investment trust (REIT) management and fund management businesses (collectively, "Asset Management") under Keppel Capital Holdings Pte. Ltd. (Keppel Capital), a wholly-owned subsidiary of Keppel Corporation.

Image: Keppel Offshore & Marine

Keppel Profits Fall

Singapore-based rig builder Keppel Offshore & Marine saw profits fall for last year along with revenues. It also revealed work had slowed on rigs being built for Sete Brasil with the Brazilian company not making payments in over a year. Keppel’s profit was S$481 million for the full year., down 54% from S$1,040 a year ago. For the quarter O&M business recorded a net loss of $61 million. It posted a net loss of $42.54 million for Q4 2015, down from a net profit of $200.18 million in the previous year, with the decline attributed to lower volume of work and deferment of some projects.

Image: Sembcorp Marine

Singapore Rig Builders in Crisis

After a decade-long boom, there were zero new orders globally for jack-up rigs last year on account of the current oil downturn. Singapore's largest rig builders finding it difficult to navigate safely, reports The Straits Times. With oil prices swooning, and rigs' daily rental rates having crashed to US$92,000 (S$132,000) from US$130,000 in 2014, there's a risk that 70 per cent of two Singaporean leaders - Keppel Corp and Sembcorp Marine's order book might get cancelled, especially if the Petrobras bribery scandal in Brazil deepens.

Keppel Group Consolidates Tower Ownership

Keppel Corporation Limited and Keppel Land Limited have today, through a subsidiary, entered into and completed a share purchase agreement with Mapletree Investments Pte Ltd to acquire the remaining 30 percent interest in Harbourfront One Pte Ltd, which holds Keppel Bay Tower, for a consideration of approximately $180.9 million. This is part of a share swap transaction with Mapletree that sees the holding companies under Keppel Corporation and Keppel Land divesting to Mapletree their 39 percent interest in Harbourfront Two Pte Ltd…

Keppel Comes Out Tops at WSH Awards

Keppel Group has clinched 35 awards at this year's Workplace Safety and Health (WSH) Awards, organized by the Workplace Safety and Health Council (WSHC) and Ministry of Manpower (MOM), Singapore. It is the highest number of awards won by a single organization this year. Of the 35 awards, Keppel Offshore & Marine (Keppel O&M) bagged 31 awards under the Safety and Health Award Recognition for Projects (SHARP) category for its exemplary safety performance as well as good safety and health management systems. Keppel Shipyard also clinched the WSH Innovation Award with the Coupler Repair Workbench.

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Keppel Makes a Clean Sweep at WSH Awards

Keppel Group has clinched 35 awards at this year's Workplace Safety and Health (WSH) Awards, organised by the Workplace Safety and Health Council (WSHC) and Ministry of Manpower (MOM), Singapore. It is the highest number of awards won by a single organisation this year. Of the 35 awards, Keppel Offshore & Marine (Keppel O&M) bagged 31 awards under the Safety and Health Award Recognition for Projects (SHARP) category for its exemplary safety performance as well as good safety and health management systems. Keppel Shipyard also clinched the WSH Innovation Award with the Coupler Repair Workbench.

Major Pacific trenches (1–10) and fracture zones (11–20). The Clipperton Fracture Zone is the nearly horizontal line No. 15 below the Clarion Fracture Zone (14), and the Middle America Trench is the deep-blue line No. 9. Photo Wikipedia

Ocean Mineral Singapore Contract for Seabed Exploration

Ocean Mineral Singapore Pte Ltd (OMS) has entered into a 15-year exploration contract for polymetallic nodules at a site within the Clarion-Clipperton Fracture Zone of the Pacific Ocean with the International Seabed Authority (ISA). Sponsored by the Singapore Government, OMS is the first Singaporean company to be awarded an exploration contract for polymetallic nodules. The contract signing ceremony took place between Mr Nii Allotey Odunton, Secretary-General of the ISA and Mr Ong Ye Kung…

Christopher Wiernicki (Photo: ABS)

ABS Selects Board of Directors, Advisory Council & Members

At the 152nd Annual Meeting of the Members of ABS, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. •Christopher J. •Michael L. •Dr. Peter H. •Richard D. •John A. •William E. •Philip J. •Craig H. •Dean E. •Elizabeth D. •Douglas C. •Vikki M. •Derek S. •Joseph O. •William T. •Captain Spyros N. Karnessis, Chairman, European Navigation Inc. •Stephen Y. K. Pan, Chairman, World-Wide Shipping Agency Ltd. •Spyros M.

Independent Director Mr Tony Chew Leong-Chee

Keppel's Independent Director Leong-Chee to retire

Keppel Corporation Limited (Keppel Corporation) announced that Mr Tony Chew Leong-Chee, Non-Executive and Independent Director, will be retiring from the Board of Directors of Keppel Corporation on 1 May 2015. Mr Chew will concurrently cease to be Chairman of the Nominating Committee and member of the Audit Committee. Dr Lee Boon Yang, Chairman of Keppel Corporation said, "On behalf of the Board, I would like to thank Tony for his contributions during his 13 years of distinguished service. The Keppel Group has benefited from his extensive business experience, wisdom and entrepreneurial spirit.

Keppel Corp. Announces New CEO for SSTEC

Liew Choon Boon has been designated as chief executive officer of Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC), taking over the baton from SSTEC's outgoing CEO, Ho Tong Yen, with effect from July 1, 2015, Keppel Corporation announced. Liew will hold a concurrent appointment as advisor on Eco-City matters in the Ministry of National Development. Liew Choon Boon is currently a senior director in the Ministry of National Development. He has held a range of senior positions in policy and operational areas in education…

Courtesy Keppel

Keppel Appoints Vestring to its Board

Mr Vestring, 50, is a partner in Bain & Company's (Bain) Southeast Asia office. Of his 24-year career with Bain, Mr Vestring has spent over two decades in Asia advising leading companies on portfolio strategy, growth, mergers and acquisitions, merger integration, organisation and performance improvement. The companies he has advised include those in shipping, offshore & marine, industrial products, automotive, infrastructure, commodities, airlines and telecoms. Mr Vestring works closely with Asian and multinational companies to grow organically and inorganically across Asia.

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Keppel Singmarine Win S$65 mi Contracts

Specialised shipbuilder Keppel Singmarine Pte Ltd (Keppel Singmarine), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured two contracts worth a total of about S$65 million. The first contract was awarded by Seaways International Pte. Ltd. (Seaways) to build a multi-task Anchor Handling Tug (AHT) vessel suitable for an array of offshore activities. Designed by Robert Allan and belonging to the Rampage Series, the AHT vessel will have a designed bollard pull of 100 tonnes…

Keppel Listed on Global Sustainability Indices

Driven by a firm commitment to continuously strengthen its environmental, social and governance (ESG) management and strategy, Keppel Corporation's sustainability efforts have gained momentum, affirmed by inclusion on several global sustainability benchmarks in recent months. Keppel Corporation has been included on the latest Euronext Vigeo World 120 index released 28 November 2014. The company has been listed among the top 120 companies in Europe, North America and Asia Pacific for control of corporate responsibility risk and contribution to sustainable development.

Keppel Infrastructure Sheds Facilities Arm

Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has signed an agreement for the sale of its entire stake in Keppel FMO (KFMO) to Cofely GDF SUEZ for a cash consideration of S$44.72 million, subject to a post-closing adjustment for working capital and a deferred consideration amount of up to S$9.72 million. KFMO provides integrated facilities management services for clients across various industries and business segments in both the public and private sectors. The purchaser, Cofely South East Asia Pte. Ltd. is a subsidiary of the GDF SUEZ Group.

Keppel Merlimau Cogen

51% Stakes of Keppel Merlimau Cogen Sold for $510 mi

Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has agreed to sell 51% stake of Keppel Merlimau Cogen Pte Ltd (KMC), which owns Keppel Merlimau Cogen Plant to Keppel Infrastructure Trust (KIT or the Trust) for a cash consideration of $510 million (KMC Transaction). The agreement was signed with Keppel  Infrastructure Fund Management Pte Ltd (KIFM), in its capacity as trustee-manager of KIT. Located on Jurong Island, Singapore, Keppel Merlimau Cogen Plant is a 1…

Keppel's Senior Executive Director to Retire

Keppel Corporation Limited announced that Teo Soon Hoe, Senior Executive Director, Keppel Corporation will retire June 1, 2014. Teo will step down as Chairman of Keppel Telecommunications & Transportation Ltd (Keppel T&T) and non-independent director of Keppel Infrastructure Fund Management Pte Ltd (KIFM), Trustee Manager of Keppel Infrastructure Trust, with effect from the same date. Teo will continue to represent Keppel Corporation as its nominee director on the boards of Tianjin Eco-city companies, and k1 Ventures Limited.

Keppel Bags Repeat Orders

Keppel Offshore & Marine Ltd wholly owned subsidiaries Keppel Shipyard Ltd (Keppel Shipyard) and Keppel Nantong Shipyard Co. Ltd have secured contracts from repeat customers worth a total of S$153 million. Keppel Shipyard's contract is for the conversion of a Floating Production Storage and Offloading (FPSO) vessel for Armada Cabaca Limited, a wholly owned subsidiary of Bumi Armada Berhad (Bumi Armada) while Keppel Nantong's contract is to construct a submersible barge for Smit Shipping Singapore Pte Ltd (Smit Shipping), a wholly-owned subsidiary of Royal Boskalis Westminster Group.

Keppel Launches Mobile Website

Keppel Corporation launched a mobile-friendly website, www.kepcorp.com. The mobile website puts important company information at the fingertips of users on-the-go, offering streamlined content with seamless navigation at optimal loading speeds. Company announcements, live stock prices, video clips and other investor information are just taps away. Keppel Corporation’s mobile website is compatible with Apple and Android (e.g. Samsung & HTC) smartphones.  The company welcomes feedback on the mobile website at keppelgroup@kepcorp.com

Sembcorp Marine Q4 Net Profit Up 9.2%

(Reuters) Singapore's Sembcorp Marine Ltd, one of the largest offshore drilling rig producers in the world, said its net profit in the fourth quarter rose 9.2 percent as higher operating profit offset lower contributions from associates and joint ventures. Sembcorp Marine, which is the world's second-largest jackup rig producer after crosstown rival Keppel Corporation Ltd , posted a fourth-quarter net profit of S$182.4 million ($143.89 million). Its full-year net profit rose 3.2 percent to S$555.7 million, above a mean forecast of 23 analysts of S$528.50 million.