Business

Keppel O&M secures new marine contracts worth $300m

Keppel Corp said yesterday its unit Keppel Offshore & Marine (Keppel O&M) has secured new marine contracts with a combined value of $300 million.

Keppel O&M's subsidiary Keppel Singmarine has been engaged by Shturman Koshelev to design and construct an ice-class liquefied natural gas (LNG) bunker vessel by the fourth quarter of 2020.

The vessel will be chartered to Gazpromneft Marine Bunker for operations in the Baltic Sea. Keppel O&M said it has delivered 11 ice-class vessels to date and is building South-east Asia's first LNG bunkering vessel.

In addition, Keppel Shipyard has been entrusted with fabricating a new aft hull for a floating production storage and offloading vessel (FPSO) by a global operator of floating production vessels. Work on the FPSO will begin in the first quarter of next year, with delivery expected by end 2020.

Keppel Shipyard has also bagged 65 exhaust gas scrubber retrofit projects involving project management, integration design engineering, installation and retrofitting, as well as testing and commissioning.

These contracts are not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.

Yesterday, Keppel Telecommunications & Transportation said it is divesting entire stakes in Thailand-based information and technology services companies Advanced Research Group and Anew Corporation for a total of 211.2 million baht (S$8.9 million), to a buyer named Min Intanate. - THE STRAITS TIMES

BUSINESS & FINANCE