Keppel clinches conversion, repair contracts worth $125m

It will convert another FPSO for Bumi Armada.

Keppel Offshore & Marine's wholly owned subsidiary Keppel Shipyard has bagged four deals worth a total of $125m.

The deals involve a Floating Production Storage and Offloading (FPSO) conversion contract, as well as three repair, upgrade and modification contracts.

The FPSO conversion project is for Armada Madura EPC Limited, a joint venture between long-standing customer Bumi Armada and Shapoorji Pallonji Group. This marks its 13th conversion/upgrading project for Bumi Armada.

Work on the FPSO conversion, which has commenced, is scheduled to complete in 3Q 2016.

The repair, upgrade and modification contracts were awarded by new customers Totem Ocean and Dolphin Drilling, as well as by returning customer Saipem Offshore.

The deals are not expected to have any material impact on Keppel Coroporation’s results for the current financial year.