FPSO Modec Venture 11

Keppel FELS Brasil Closes $200 Million FPSO Deal

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July 11, 2012

FPSO MODEC Venture 11, image: MODEC

SINGAPORE–Rig builder Keppel Corp. (BN4.SG) said Wednesday that its Keppel FELS Brasil unit has secured a floating production storage and offloading vessel contract valued at US$200 million.

In a filing to the Singapore Exchange, Keppel said that the contract was placed by Modec & Toyo Offshore Production Systems Pte. Ltd., a joint venture company established in Singapore by Toyo Engineering Corp. (6330.TO) and Modec Inc. (6269.TO).

The vessel is scheduled to be completed by the second quarter of 2014.

– P.R. Venkat, Dow Jones Newswires

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