(EnergyAsia, November 27 2012, Tuesday) — Singapore’s Keppel Corporation Limited said its wholly-owned subsidiary, Keppel Offshore & Marine Ltd, has secured S$12.2 billion worth of business since its start-up in 2002. (US$1=S$1.22).
Remarkably, the company, which was created from the merger of three offshore and marine companies, Keppel FELS, Keppel Shipyard and Keppel Singmarine, secured more than 70% or S$9 billion of its orders this year.
Revenue tripled from S$1.9 billion in 2002 to over S$5.7 billion in 2011, and is on course to reach a record this year after topping S$6.2 billion in the first nine months.
As one of the world’s leading offshore rig builders, Keppel O&M has a global workforce of over 30,000 today, more than double 14,000 when it started.
Choo Chiau Beng, Keppel Corp’s CEO, and Keppel O&M’s chairman, said:
“The past 10 years have proven that this integration strategy is right for us. By eliminating duplication and internal competition, streamlining our operations as well as harnessing synergies and combined strengths, we have maximised value for not only ourselves, but also our customers and business partners. In the process, we have grown from strength to strength.”
Tong Chong Heong, Keppel O&M’s CEO, said:
“Our robust track record over the past decade reflects our strong capabilities. Today, our network of 20 yards globally enables us to meet increasing demand for local content.
“In the Gulf of Mexico, our yard in Brownville, Texas, is working on several projects for Mexican customers, while in Kazakhstan, we are building the country’s first jackup rig.
“In Brazil, we are constructing six DSSTM38E semisubmersible (semi) drilling rigs for Sete Brasil, as well as undertaking the fabrication and integration works for four floating production storage and offloading (FPSO) units.”
Keppel O&M has laid claim to having built half the world’s jackup rigs and one-third of its semisubmersible rigs since 2000.
For 2013, Keppel FELS expects to deliver a record 20 rigs, exceeding its previous all-time high of 13 rigs in 2009.
In the marine sector, Keppel Shipyard has so far delivered 105 offshore conversion and upgrading projects, while Keppel Singmarine has completed some 400 specialised newbuild ships including offshore support vessels and specialised units.
Mr Tong said: “Our proprietary designs are gaining wide market acceptance. Since 2002, Keppel O&M has delivered 35 KFELS B Class jackups, 3 KFELS N Class jackups and 16 semis built to our proprietary designs. Since 4Q2010, Keppel O&M has secured a total of 39 newbuild rig orders, and out of these, 34 are for Keppel designed jackups and semis. We will continue to leverage our execution and design capabilities built up over the years to sustain our market leadership.”