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Keppel awarded S$73m in FPSO contracts from Modec

KEPPEL Offshore & Marine (Keppel O&M) has, through its wholly-owned subsidiaries in Singapore and Brazil, secured two contracts worth a combined value of about S$73 million.

The contracts were awarded by Modec Offshore Production Systems (Singapore), a subsidiary of Tokyo-listed Modec Inc, which provides floating solutions for the offshore oil and gas industry. 

In Singapore, Keppel Shipyard will fabricate, complete and integrate the topside modules and mooring support structure for a floating production storage and offloading (FPSO) vessel.

Components for these modules and mooring support structure are scheduled to arrive in the third quarter of this year for completion as well as integration and installation with the FPSO hull, which is expected in the yard in the fourth quarter.

Slated for delivery in Q2 2021, this FPSO will be able to process 90,000 barrels of oil and 75 million standard cubic feet of gas per day. 

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It will have a storage capacity of 700,000 barrels of oil, said Keppel Corp in a press statement on Wednesday.

In Brazil, Keppel O&M’s BrasFELS shipyard was awarded a topside module fabrication contract for an FPSO for the Buzios field in the Santos Basin, off the coast of Rio de Janeiro.

Work on the FPSO is expected to start in the third quarter this year at the BrasFELS shipyard in Angra dos Reis.

Delivery is scheduled for Q4 2021 for the vessel, to be named FPSO Almirante Barroso MV32.

This is the seventh FPSO-related project undertaken by BrasFELS for Modec.

When completed, the vessel will be capable of processing 150,000 barrels of oil and 212 million standard cubic feet of gas per day, with a minimum storage capacity of 1.4 million barrels of oil.

Keppel O&M chief executive officer Chris Ong said that over the years, the company has completed 11 projects with the Modec group, including FPSO conversions, module fabrication and integration works, and turret projects.

Against the backdrop of the Covid-19 pandemic, Keppel O&M has enhanced measures to ensure the safety of its staff and customers, while leveraging technology and innovation to ensure that its operations can continue in a safe and efficient manner, Mr Ong said.

Modec Production Systems (Singapore)’s president and chief operating officer Anthony Quinn said that while low oil prices amid the pandemic mark a difficult time for the industry, Modec is confident there will be continued demand for energy in the long term as the global economy recovers.

Keppel Corp shares rose S$0.05 or 0.8 per cent to trade at S$6.03 as at 1.06pm on Wednesday.

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