Keppel Shipyard Lands $142 Million In Conversion Contracts

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September 30, 2011

Keppel Shipyard has secured three conversion contracts worth $142 million according to a company release.  The contracts include the conversion of a Liquefied Natural Gas (LNG) Carrier to a Floating Storage Unit (FSU), a VLCC tanker to a Floating Storage and Offloading (FSO) unit and a tanker to a Floating Production Storage and Offloading (FPSO) unit.

For the first contract, Keppel will convert the LNG carrier Tenaga Empat into a FSU for Malaysia’s MISC Berhad.  The FSU will have a storage capacity of 130,000m3 and operate in the newly-developed Melaka LNG Import Terminal in Malaysia.  The FSU is expected to be delivered in 2Q 2012.

The second contract is from Dixstone Holdings Ltd, an affiliate of the Perenco Group (Perenco), and includes the modification and upgrading of the FSO Massongo. The conversion will include refurbishment and life extension work; fabrication and installation of the cargo offloading balcony and helideck; installation and integration of a 14-point spread mooring system and upgrading of the accommodation facilities. Keppel will also convert the vessels four wing ballast tanks into cargo tanks, allowing for a storage capacity of two million barrels of oil.  When completed in 3Q 2012, FSO Massongo will replace both FSO Kingsway (Rio Del Rey Basin) and FSO Moudi at Moudi field located offshore Cameroon.
The third and final conversion contract will turn the 107,000 dwt tanker Umbe into a FPSO unit for Bumi Armada Berhad (Bumi Armada).  Bumi Armada has used Keppel Shipyard exclusively for it’s converstiona and this latest contract marks seventh collaboration between the two companies to date.

The FPSO is slated for delivery in late 2012.  When completed, the FPSO will have a production capacity of 50,000 barrels of oil per day, and a storage capacity of 580,000 barrels of oil.

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