03 Feb 2017

Keppel Shipyard to deliver first FPSO of the year

Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Yinson Production (West Africa) Pte Ltd (Yinson), a wholly-owned subsidiary of Yinson Holdings Berhad, safely, on time and on budget.

The spread-moored FPSO unit was named John Agyekum Kufuor during a naming ceremony held at Keppel Shipyard this morning.

It will be chartered by ENI Ghana Exploration & Production Limited (ENI Ghana) to process oil and gas from the Offshore Cape Three Points (OCTP) block located in Offshore Ghana.

Mr Michael Chia, Managing Director (Marine & Technology) of Keppel O&M, said, "Over the years, we have strengthened our relationship with our repeat customers, Yinson and ENI, and we are glad to be able to support them once again in providing FPSO solutions to the market.

"We have a strong track record of customising FPSOs for a wide variety of fields. FPSO John Agyekum Kufuor is our 27th conversion project for Africa, and 125th overall."

FPSO John Agyekum Kufuor has a storage capacity of 1.7 million barrels, with an oil processing capacity of 58,000 barrels per day. It has a design life of 20 years without dry docking and can be moored in an average water depth of 1,000m with a total topside weight of almost 15,000 tonnes.

Mr Lim Chern Yuan, Group Chief Executive Officer of Yinson, added, "There are opportunities in the FPSO market and we are glad to be able to meet those needs with our FPSO solutions. Our trust and confidence in Keppel extends back to 2014 when we worked together on FPSO Lam Son which has served us excellently since. We are therefore confident that FPSO John Agyekum Kufuor will be a valuable addition to ENI Ghana's exploration and production activities, strengthening their presence in Africa."

Keppel Shipyard's work on the FPSO John Agyekum Kufuor included modification work, new equipment installation complete with associated piping, electrical and instrumental systems, as well as installation and integration of the FPSO process topsides.

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About Keppel Shipyard

Keppel Shipyard is the trusted industry name for the repair, conversion and upgrading of a diverse range of vessels, and a global leader in the conversion of Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels and Floating Storage and Re-gasification Units (FSRU), as well as the fabrication and installation of turrets and mooring systems, and topside process modules. Keppel Shipyard is currently undertaking the world's first-of-its-type Floating Liquefaction Facility conversion. More information is available on www.keppelom.com

About Yinson Holdings Berhad

Yinson is one of the Malaysia's premier integrated offshore production and support services provider Company listed on the Main Market of Bursa Malaysia Securities Berhad. The Yinson Group of Companies was established in 1983 as a transport agency partnership business in Johor Bahru.

The Group ventured into offshore services provider through the provision of chartering services as well as vessel management capabilities. In 2011, Yinson entered a consortium agreement with PetroVietnam Technical Services Corporations (PTSC), and the joint venture was subsequently awarded a contract for the provision of a floating storage and offloading vessel ("FSO") i.e. FSO PTSC Bien Dong. In 2012, via a partnership with PTSC again, Yinson was awarded a contract for the provision of a floating production storage and offloading ("FPSO") i.e. FPSO PTSC Lam Son.

The breakthrough came in early 2014 when Yinson acquired Fred. Olsen Production ASA, an established company in the FPSO industry and listed in the Norwegian Stock Exchange (Oslo Bors). Post-acquisition, Yinson inherited not only 3 FPSOs and 1 mobile offshore production unit (MOPU) contract, but also a strong and experienced FPSO team to grow the business.

In 2016, the Group has disposed all of its non-oil & gas business segments and streamline its business to be a full-fledged FPSO and marine company.

Currently, Yinson is the 6th largest FPSO Company in the global FPSO market having a wide geographical presence in West Africa, Europe and South East Asia.

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