Keppel gets US$639m Brazilian oil rig deal

  • Business
  • Thursday, 27 May 2004

SINGAPORE: Singapore conglomerate Keppel Corp said yesterday it won a US$639mil contract in partnership France's Technip from Brazil's state energy company Petrobras to build an oil rig. 

Keppel said in a statement its unit FELS Setal SA along with Technip Engenharia S/A had been awarded the contract by the Dutch subsidiary of Brazil's state oil company Petroleo Brasileiro to build the P-51 semi-submersible platform. 

The same consortium last year won a US$775mil contract from Petrobras to build and integrate the hull and topside of another oil rig, the P-52. 

Keppel, 32%-owned by the Singapore government, holds 60% of Fels Setal, a Brazilian yard. France's Technip is among the world's top five builders of industrial installations for the oil, gas and petrochemical sectors. 

FELS Setal and Technip's share in the P-51 project is 75% and 25%, respectively. 

The P-51 rig is a 41,000 tonne unit capable of producing 180,000 barrels of oil and 6 million cubic metres of natural gas a day. It is due to begin production in the first quarter of 2008. 

The platform will be completed in 47 months and will be deployed in Petrobras' Marlim Sul oil field, the statement said. 

Keppel said the contract will not have any material impact on its net tangible assets and earnings per share for the financial year ending Dec 31, 2004. –Reuters  

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