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Keppel unit bags US$684m LNG carrier conversion contract

SINGAPORE rigbuilder Keppel Corporation said on Wednesday its wholly owned subsidiary Keppel Shipyard has signed a contract worth about US$684 million to convert a liquefied natural gas (LNG) carrier into a Golar floating liquefaction facility.

The conversion work by Keppel Shipyard will be done for Golar Gandria, a subsidiary of London-based LNG shipping company Golar LNG.

The award of the contract marks the exercise of the second of two options that were part of a contract Golar awarded to Keppel Shipyard for a previous similar conversion, Keppel said in a statement.

It added that full construction activities for the conversion will start only after Keppel Shipyard has received a notice to proceed, which is expected to be issued in 2016.

sentifi.com

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The converted floating liquefaction facility is expected to be delivered in about 31 months after receipt of the notice to proceed, it said.

Keppel Corp shares closed a cent higher at S$8.18 on Tuesday.

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