FloaTEC LLC, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) has secured a contract worth about US$40 million from PTSC Mechanical & Construction (PTSC M&C) to provide engineering, technology and construction management support services for the Repsol Ca Rong Do Tension Leg Wellhead Platform (TLWP) to be built in Vietnam. PTSC M&C, the service arm of Vietnam Oil and Gas Group (PetroVietnam), is the main engineering, procurement, construction and installation (EPCI) contractor for the TLWP.
It will be the first TLWP in Vietnam and, when installed, the first three-column TLWP in the offshore oil and gas industry.
Keppel FloaTEC's work on the wellhead platform comprises hull and mooring engineering, topsides basic engineering as well as construction management support services.
When completed, the TLWP will be deployed in the Ca Rong Do field development offshore southern Vietnam. It will be part of the overall field development plan which includes the development of a TLWP, a Tender Assisted Drilling (TAD) vessel and a Floating Production Storage and Offloading (FPSO) vessel. The platform will be located in a water depth of 320 metres and host up to 20 wells including oil production, water injection and gas injection.
Following a recent restructuring of FloaTEC LLC (the joint venture company between Keppel O&M and McDermott), the ‘FloaTEC' brand, intellectual properties and employees of FloaTEC LLC have been transferred to Keppel FloaTEC LLC, to enable the latter to continue the business of the former.
The abovementioned contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
About Keppel FloaTEC, LLC
Keppel FloaTEC, LLC, is a wholly owned subsidiary of Keppel Offshore & Marine Ltd. Keppel FloaTEC specialises in designing deepwater floating production systems (FPS). It offers a full suite of FPS solutions including tension leg platform (TLP), semisubmersible (Semi) and Spar technology. The company is able to leverage Keppel Offshore & Marine's resources and capabilities to create value for its clients by assuming the engineering and management of programme and project interfaces.
About Keppel Offshore & Marine
Keppel Offshore & Marine (Keppel O&M) is a global leader in offshore rig design, construction and repair, ship repair 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, Keppel O&M aims to be the provider of choice and partner for solutions for the offshore and marine industry.
About PTSC Mechanical & Construction
PTSC Mechanical & Construction is the leading EPCIC contractor in Vietnam, providing optimum Engineering, Procurement, Construction, Installation, Transportation, Hook-up & Commissioning (EPC/EPCIC) services for the local and regional oil and gas industry. PTSC M&C has successfully completed more than 60 EPC/EPCIC projects with a large number of central processing platforms, wellhead platforms, living quarters, subsea modules, FPSO modules, onshore modules, etc.