Why Keppel Offshore & Marine just got richer by around $100m

Thanks to new upgrade, repair deals.

According to a release, Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiaries, Keppel FELS and Keppel Verolme, has secured upgrade and repair contracts totaling about S$100million from repeat customers.

Keppel FELS in Singapore will be undertaking the upgrade and modification of a semisubmersible (semi) for Ensco while Keppel Verolme will be upgrading a jackup rig for Rowan and repairing a semi for Saipem.

In Singapore, Keppel FELS will be undertaking the upgrade of the semi ENSCO 5005. Work on the semi includes upgrading major systems, machinery spaces, drill floor, derrick and living quarters as well as the renewal of steel and piping systems. The entire semi and its tanks will also be painted. The project is scheduled for completion in 1Q 2014.

In the Netherlands, Keppel Verolme is conducting a special periodic survey (SPS) on the jackup rig, Rowan Gorilla VI, for Rowan Drilling. This includes painting of the hull, inspection of spud cans, renewal of anodes and installation of dock plugs among other things.

The rig will also have its drilling equipment upgraded and is expected to be delivered by 4Q 2013.

Keppel Verolme is also completing a full SPS programme for Saipem on the semi Scarabeo 5. The yard’s scope of work comprises the overhaul of the thrusters, all anchor winches, top drive upgrade and various modification and repairs. Scarabeo 5 is scheduled for delivery in September 2013.

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