15 Apr 2011

EMAS to take delivery of one of Vietnam’s largest FPSOs from Keppel Shipyard

EMAS Production is set to take delivery of one of Vietnam's largest Floating Production Storage and Offloading (FPSO) vessels from Keppel Shipyard Limited (Keppel Shipyard), on behalf of owner PV Keez Pte. Ltd (PV Keez).

To be managed and operated by EMAS Production, FPSO Lewek EMAS has been chartered by Premier Oil Vietnam Offshore B.V. for the development of the Chim Sáo field off southern Vietnam for six years, with a further option to extend the charter by another six years. The FPSO charter contract is one of only seven signed worldwide in 2009, and is worth approximately US$1 billion.

The project to convert the 168,000 dwt Suezmax tanker into an FPSO was awarded to Keppel Shipyard in December 2009. To date, Keppel Shipyard has achieved a good safety record of over 4.1 million incident-free man-hours for its conversion.

Speaking at the vessel's naming ceremony today, Mr Lionel Lee, Group Managing Director of EMAS said, "Lewek EMAS is our second FPSO project with Keppel Shipyard with whom we have established a win-win partnership. This FPSO underscores EMAS' ability to deliver a diverse range of customised marine and offshore support solutions, from design and engineering to maintenance and offshore installation. The addition of Lewek EMAS to our fleet propels EMAS Production to be one of Asia's leading FPSO operators."

Mr Nelson Yeo, Managing Director of Keppel Shipyard said, "Keppel Shipyard is pleased to support the conversion of Lewek EMAS. We provided a broad spectrum of FPSO conversion services on this project, including the engineering and fabrication of topsides modules.

"In spite of the tight schedule, the project teams for this conversion have worked hard to upkeep the highest standards of quality and safety of our people and workplace. The successful conversion of Lewek EMAS further enhances Keppel as the choice provider of reliable and value-added services."

Lewek EMAS is on track for delivery in the second quarter of 2011, and is expected to begin production in July this year.

A joint venture between Ezra Holdings Limited, PetroVietnam Transportation Corporation, EOC Limited and KSI Production Pte Ltd, PV Keez is the first overseas company to secure an offshore Vietnam loan in order to finance the FPSO's conversion.

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For further information, please contact

For Keppel:

Ivana Chua (Ms)
Senior Manager
Keppel Group Corporate Communications
Tel: (65) 6413 6436
Mobile: (65) 9239 1423
Email: ivana.chua@kepcorp.com

For EMAS:

Alex Tan
Manager, Corporate Communications
Tel: (65) 6512 8824
Mobile: (65) 9841 0392
Email: alex.tan@emas.com

Matthew Law
Pelham Bell Pottinger Asia
Tel: (65) 6333 3449
Mobile: (65) 8498 4260
Email: mlaw@pbp.asia

About Keppel Shipyard

Keppel Shipyard is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, shiprepair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

KSI Production Pte Ltd is a wholly-owned subsidiary of Keppel Corporation Limited through Keppel O&M.

About EMAS

EMAS, a recognised leading global offshore contractor providing construction, marine, production and well intervention services, is the operating brand of Singapore listed Ezra Holdings Limited (以斯拉控股) and Oslo listed EOC Limited. EMAS specialises in delivering best-value solutions and has become a powerful alternative in the oil and gas (O&G) industry by combining a customised approach along with a widely diverse offering of assets and services to meet clients' needs. EMAS operates globally with offices in 16 locations across five continents spanning Africa, the Americas, Asia Pacific and Europe.

The completion of the acquisition of Aker Marine Contractors AS in 2011 adds one of the world's leading SURF and floater installation providers with a history of renowned accomplishments to the Group. EMAS has four main business segments which together have the capability to execute a full spectrum of seabed-to-surface engineering, construction, marine and production services throughout the world. In addition, the Group offers fabrication, engineering, logistics and support services out of Vietnam though HCM Logistics Limited and yard facilities in Ho Chi Minh City and Vung Tau.

EMAS Production, under EOC Limited, owns and operates FPSO facilities. Its capabilities include FPSO conversion management and the operation & maintenance of production facilities. It possesses the capability and track record to design and provide FPSO/FSO Mooring & Riser Systems and Turrets, and Fluid Transfer Systems.

About PetroVietnam Transportation Corporation (PVTC)

PVTC provides transportation services for petroleum and petrochemicals products. The Company offers maritime logistic services for crude oil, inland transportation of goods, and also maintains chartering and agency services, maintenance work for marine vehicles, and trading of parts, and supplies for maritime fleets.

Attachment:

Download - Speech by Dr Lee Boon Yang, Chairman of Keppel Corporation