Published July 1, 2009

Keppel units win $30m of contracts

By VINCENT WEE

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KEPPEL Corp, through the overseas units of its offshore and marine arm, has secured three semi-submersible rig repair and upgrading contracts worth $30 million.

The Keppel Verolme yard in the Netherlands is doing work for China Oilfield Services Ltd (COSL) for the repair and upgrade of the semi-submersible accommodation rig, COSL Rival. The rig arrived in May and has been docked in Keppel Verolme's 500,000 dwt drydock for general class renewal surveys, inspections, overhauls and repairs. COSL Rival is the third accommodation support rig destined for Norwegian waters to arrive in Keppel Verolme for a major overhaul and upgrade.

In Brazil, Keppel Fels Brasil clinched contracts for the repair and upgrading of two semis - Noble Drilling's Noble Paul Wolff and Diamond Offshore's Ocean Yatzy. The Noble Paul Wolff is being leased by Petrobras from Noble Drilling, and will return to work in offshore Brazil after upgrading and repairs in the BrasFELS yard.

Meanwhile, Diamond Offshore's Ocean Yatzy will have structural repairs carried out on a lifeboat platform, stability column and helideck as well as several piping and steel deck renewal works. The contracts are not expected to have material impact on the net tangible assets or earnings per share of Keppel Corp for the financial year ending Dec 31, 2009. Keppel shares closed 10 cents lower at $6.90 yesterday.