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ASMI News 2005 : 2nd Quarter

Industry News

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INDUSTRY NEWS

ASMI 37th Annual General Meeting

The Association's 37th Annual General Meeting (AGM) was held on 31 May 2005 at the Grand Ballroom of The Pines. The key agenda items were the presentation of the industry report and the election of a new ASMI Council for a two-year term commencing June 2005.

The AGM began with a briefing on the performance of the Singapore marine industry in the year 2004 by the President, Mr Heng Chiang Gnee. Mr Heng reported that the industry had breached the S$5 billion dollar mark in turnover for the first time. The total turnover was a record high of S$5.3 billion for 2004, a year-on-year increase of 39.8%. He highlighted the contributions by the various key sectors to the industry. The largest contributor was the ship repair and conversion sector, which grew by 35.5% to reach S$3,106 million in revenue. Shipbuilding output also rose by 22.9% to S$890 million. The star performer for 2004 was the offshore sector, which posted a sizeable 68.3% increase to a record S$1,304 million in revenue.

Mr Heng also highlighted the industry's positive market outlook and the healthy order book, which was at an all-time high. ASMI's Executive Director, Ms Winnie Low, also briefed members on the activities of the Association during the year in review. This was followed by presentation of the Association's audited Financial Statements for 2004 by Honorary Treasurer, Mr Chee Jin Kiong. The annual report and audited accounts were subsequently approved by the 46 members present. A Fellowship Dinner was held after the AGM for members present to interact with one another.

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Election of New ASMI Council

A new ASMI Council including a new President for the Association was elected at the ASMI 37th Annual General Meeting (AGM) held on 31 May 2005. President Heng Chiang Gnee, had earlier on separate occasions, expressed his intention to step down from the Presidency post after being at the helm for four consecutive terms of eight years.

Mr Michael Chia, Executive Director of Keppel FELS Limited, was elected as the new President of ASMI for a 2-year term commencing June 2005 to May 2007. Mr Chia holds a Masters in Business Administration from the National University of Singapore. He was a Colombo Plan Scholar and graduated with a Bachelor of Science (First Class Honours) from the University of Newcastle Upon Tyne, UK, in 1974.

15 other members were also elected into the ASMI Council. They included ten members from the previous Council as well as five new members.

The AGM also saw the appointment of two new Honorary Auditors for the Association. Mr Thomas Tan, Country Manager of ABS Pacific, and Mr Tham Yew Mun, Head of Maritime Marketing in Det Norske Veritas, were appointed ASMI Honorary Auditors for the same 2-year term.

ASMI Council for Term June 2005 to May 2007
President
Mr Michael Chia Executive Director Keppel FELS Ltd
Vice Presidents
Mr Wong Peng Kin Senior General Manager (Human Resource) Jurong Shipyard Pte Ltd
Mr Hoe Eng Hock Executive Director Keppel Singmarine Pte Ltd
Honorary Secretary
Mr Wong Weng Sun Deputy President SembCorp Marine Ltd
Honorary Treasurer
Mr Simon Kuik Assistant General Manager (Engineering) Sembawang Shipyard Pte Ltd
Honorary Assistant Treasurer
Mr Louis Ching Managing Director Kwong Soon Engineering Co. (Pte) Ltd
Council Members
Mr Dennis Carroll Managing Director Damen Shipyards Singapore Pte Ltd
Mr Vincent Hoo Business Development Director Index-Cool Holdings Pte Ltd
Mr Chee Jin Kiong Executive Director (Human Resource) Keppel Offshore & Marine Ltd
Mr Abu Bakar Mohd Nor General Manager (Operations) Keppel Shipyard Ltd (Benoi)
Mr Felix Leggewie Managing Director MAN B&W Diesel (Singapore) Pte Ltd
Mr Peter Kneipp President and CEO MTU Asia Pte Ltd
Mr Chandrasehgaran Assistant General Manager (Operations) Pan-United Marine Limited
Mr Anthony Richardson Managing Director Shiptech Pte Ltd
Mr Kwan Seng Fatt Vice President (Engineering Support) Singapore Technologies Marine Ltd
Mr Freddie Woo Fong Wah General Manager SML Shipyard Pte Ltd

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Sembcorp Marine's Yard Clinches US$517.1 Million Rig Building Contracts

SembCorp Marine's subsidiaries PPL Shipyard (PPL) and Jurong Shipyard (JSL) have clinched rigbuilding contracts worth a total of US$517.1 million for the construction of four units of Baker Marine Pacific Class (BMC Pacific) 375 Deep Drilling Offshore jack-up rigs. With these latest contracts secured in second quarter 2005, the total number of BMC Pacific 375 jack-up rigs on order since the design's + launch in early 2004 now stands at ten units.

PPL clinched the first of its latest two jack-up rig orders from Seatankers Management Co. Ltd (Seatankers), based in Cyprus. The US$129 million contract calls for the newbuilding of a BMC Pacific 375 jack-up, a proprietary design developed and owned by PPLs subsidiary, Baker Marine Pte Ltd. The BMC Pacific 375 jackup rig is designed to accommodate 120 men, with a drilling package to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water. Construction of the rig will take 31 months. Work will commence in second quarter 2005 with delivery scheduled in fourth quarter of 2007.

The other order comes from Japan Drilling Co. Ltd (JDC). The building of this rig, worth US$130 million, is expected to commence in third quarter 2005 with scheduled delivery in first quarter 2008. JDC is an international drilling contractor and provider of engineering services related to research and development in oil and gas drilling and exploration.

JSL was awarded contracts to build two rigs by repeat customer Petrojack ASA from Norway. The construction contracts for the same BMC Pacific design are worth a total of US$258.1 million. The contracts are two options that JSL granted to Petrojack ASA in December 2004, and which the latter has now chosen to exercise.

The two newbuilds will be identical to Petrojack's first rig, Petrojack I, currently under construction in the yard. The contracts for Petrojack II and Petrojack III are valued at US$127.1 million and US$131 million respectively. The building of Petrojack II and Petrojack III is expected to start in third and fourth quarter of 2005 respectively, with delivery slated in 2008.

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Keppel Singmarine Acquires Nantong Facility for S$9 Million for Specialised Shipbuilding

Keppel Singmarine Pte Ltd (KSM) has entered into an agreement to acquire an existing shipyard in Nantong, China, for specialised shipbuilding. According to KSM, this acquisition will boost its newbuilding capacity to meet increasing demand for specialised vessels to serve the offshore field development market and growth in Liquefied Natural Gas terminals and maritime ports.

Total consideration for the assets is RMB 45 million (S$9 million) in cash which was arrived at on a willing-buyer and willing-seller basis, at a discount to the latest available valuation of the assets commissioned on behalf of the sellers. An advance payment of RMB 3 million will be made following the signing of the agreement and the balance to be paid after obtaining approvals from the relevant authorities.

The facility will be named Keppel Nantong Shipyard, and is expected to be operational by third quarter 2005. Its principal activities will be in the engineering and construction of specialised vessels such as Anchor Handling Tug/Supply (AHTS) vessels and tugboats. Located along the Yangtze River, it is within close proximity to supporting industries in the municipality of Nantong, 100 km north-west of Shanghai.

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Keppel FELS Secures Several Lucrative Rig Orders form Repeat Customers

Keppel FELS Ltd (KFELS) has secured more contracts with repeat customers to build premium jack-up rigs of the KFELS B Class design as well as deepwater semi-submersibles of the DSS 21 design.

One order for a new KFELS B Class jack-up rig worth US$117.2 million came from regular customer, ENSCO International Inc (ENSCO). To be named ENSCO 108, the new rig will replace ENSCO 64, which was heavily damaged by Hurricane Ivan in September 2004. ENSCO 108 is the sister rig to ENSCO 106, now operating in Australia, and ENSCO 107, currently being built and scheduled for delivery in late 2005. ENSCO 108, due for delivery in the first quarter of 2007, will be the seventh consecutive jack-up rig that KFELS will be building with ENSCO since 1999.

Another order valued at US$300 million to build two high-performance premium jack-up rigs comes from repeat customer, Diamond Offshore Drilling Inc (Diamond). One of the units, Ocean Shield, will be constructed in Singapore and the other, Ocean Scepter, in Keppel AmFELS Brownsville, Texas, USA. Delivery of both units is expected in first quarter 2008.

Based on the KFELS B Class (Super) design, both rigs will be for 350-feet depth, and capable of drilling depths of up to 35,000 feet with a hook load capacity of two million pounds and a cantilever reach of 70 feet. The contract also grants an option for the construction of a third jack-up rig at a later date. Diamond is a provider of contract drilling services to the energy industry around the globe and a leader in deepwater drilling.

In a separate agreement, KFELS will build two semi-submersible drilling platforms valued at S$780 million for AP Moller-Maersk (Maersk). Under the agreement, Maersk will supply the drilling and other equipment. The contract also carries an option for an additional unit of a similar design and capacity, to be exercised within 12 months and subject to price adjustment for steel material and equipment price, labour and currency fluctuations.

This award is the second major contract from Maersk this year following the order secured to build four jack-up rigs in March. The two new rigs will be constructed based on the proprietary DSS 21 design developed by Keppel's Deepwater Technology Group and Marine Structure Consultants of the Netherlands. The two units are expected to be delivered in 2008 and 2009 respectively.

Customised for deepwater development operations, the semi-submersible rigs will each contain a dynamically positioning system, with the ability to attach to a pre-laid mooring system. Capable of operating at water depths to 3,000 metres, they are designed for moderate environmental conditions such as West Africa, Brazil, Gulf of Mexico and Southeast Asia. Each rig can accommodate up to 180 people. The Copenhagen based Maersk group owns more than 250 vessels and is a major international enterprise with diverse activities ranging from shipping, oil and gas exploration and production to retail.

In another development, KFELS will co-invest in a semi-submersible drilling tender (SSDT) with Smedvig Asia (Smedvig). Smedvig has exercised its option offered in January 2004 as a one plus one co-operation agreement to construct a drilling tender based on its proprietary design, the KFELS SSDT 3600-GOM-C42.

The first SSDT, West Setia, is due for delivery in August this year. The repeat order for the second SSDT is valued at nearly US$105 million, in which KFELS and Smedvig Asia will own and operate the ultra deepwater semi tender on a 72/28 basis respectively.

Under this agreement, KFELS will build and own the semi-submersible while Smedvig will contribute the drilling equipment. Smedvig will also be responsible for marketing, managing and operating the rig for a 10-year period during which time it has an option to purchase KFELS' stake in the rig. The new tender rig is scheduled for delivery in fourth quarter 2006.

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Jurong Shipyard to Build Two Ultra-Deeperwater Semi-submersible Rigs Worth US$780 Million

Jurong Shipyard (JSL) has also secured an Engineering, Procurement and Construction (EPC) contract to build two ultra-deepwater semi-submersible drilling rigs worth a total project value of US$780 million. The agreement with Cyprus-based Seatankers Management Co. Ltd is one of the largest single contracts in the industry. JSL will build the 6th generation ultra-deepwater semi-submersible drilling rigs based on the Friede & Goldman ExD design.

The semi-submersible rigs are designed for operation in the challenging deepwater arena, in particular the Gulf of Mexico, offshore Brazil and West Africa. They are capable of being in dynamic positioning mode in water depths up to 10,000 feet. Engineered for stability and versatility, each rig has an operational displacement of 43,400 metric tons at 17 metres draft and 46,750 metric tons at 20 metres draft. The rigs will each have 18,000 square feet of usable deck space and more than 7,000 metric tons of variable deck load.

This project followed the successful deliveries of two 5th generation ultra-deepwater semi-submersible drilling rigs, the GSF Development Driller and GSF Development Driller II, to GLobalSantaFe Corporation in the first quarter of 2005. These semi-submersibles were built by JSL using a proprietary 'Load-out and Mating-in-Dock' technique, which involve the simultaneous construction and subsequent skidding and mating of the upper and lower hulls. The breakthrough method allows accelerated construction and precise alignment of hulls, faster delivery schedules and enhanced quality and safety standards.

Construction of the first semi-submersible rig has commenced and delivery is expected in first quarter of 2008. The second rig will take effect in October 2005 with delivery scheduled in first half of 2009.

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Jaya Delivers AHTS Vessels Active King and Nor Sea

Jaya Shipbuilding & Engineering has recently delivered two Anchor Handling Tug/Supply Vessels, Nor Sea and Active King. The 10,880 bhp Anchor Handling Supply Vessel, Active King for Active Venture AS of Norway was delivered in June 2005. can achieve up to a maximum speed of approximately 14 knots and an economical speed of 12 knots. The vessel is suitable for towing various types of rigs, anchor handling and supply run. It is also suitable for sub-sea and ROV work. Nor Sea, a 5,500 bhp Anchor Handling Supply Vessel is capable of achieving up to a maximum speed of 13.5 knots and an economical speed of 11 knots. The vessel delivered in May 2005, is suitable for towing various types of rigs, anchor handling and supply run. Both vessels are equipped with ABS Class 1 fire fighting system provided by Unitor.

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Keppel Shipyard to Undertake US$174 Million FPU Conversion and Fabrication of World's Largest Turret

Keppel Shipyard Ltd has entered into an agreement with Charter Development Limited Liability Company (CDC), a special purpose company of ABN Amro Bank's Brazilian unit, for the hull conversion of a Floating Production Unit (FPU) for US$174 million.

Work includes marine conversion as well as the fabrication and integration of the internal turret on the 322,446 dwt tanker, the VLCC Settebello. When completed, the turret with 75 risers, will be the largest turret ever fabricated and installed in the world. To be installed at 1,080 metres water depth, the FPUs capacity will include processing up to 180,000 barrels of oil per day, a gas compression capability of 6 million cubic metres per day and a water injection capability of 39,000 cubic metres per day.

To be named PETROBRAS 53 (P-53), the production unit will be completed in end 2006. The facility will then be towed to a CDC topside contractor yard in Brazil for installation and integration of the topside modules. P-53 will then be chartered to Petrobras SA for the Marlim Leste field in the Campos Basin.

Currently, the Keppel group is building Petrobras P-51 and P-52 production platforms through a consortium comprising Keppel FELS Brasil, Keppel FELS and Technip Coflexip. Petrobras, the national oil company of Brazil, engages in the exploration, production and distribution of the country's oil and gas resources.

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Keppel Singmarine Wins S$80 Million Contracts for Five Vessels

Keppel Singmarine Pte Ltd (KSM) has secured newbuilding orders for three offshore support vessels (OSVs) and two tugboats with contracts valued at about S$80 million. The vessels will be progressively delivered to their owners up to end 2006.

The yard will build one ice-class OSV for anchor handling and supply purposes for new customer, Lukoil Kaliningradmorneft (LUKOIL), the leading oil company in Russia. LUKOIL specialises in oil & gas exploration and production, and production and sale of petroleum products. The OSV will be deployed in the Caspian Sea region when completed at end 2006.

The other two OSVs are for repeat customer, Groupe Bourbon (Bourbon). With these two 100-tonne bollard pull anchor handling tugs, KSM's orders from Bourbon will add up to a total of seven vessels. Bourbon owns a fleet of over 200 vessels and offers customised services in offshore oilfields, in towage and assistance services and in dry bulk transport.

Orders for the two tugboats were placed by Keppel Smit Towage. The latter which operates a complete spectrum of towage, is a joint venture between Keppel and Smit International Singapore.

Keppel Singmarine has delivered a total of seven vessels between March and May 2005. This was a record achievement for the yard. These include three Anchor Handling Tug/Supply (AHTS) vessels and four tugboats (TB). The deliveries were for AHTS Coloso and Titan to Gulfmark Offshore, and AHTS Pacific 68 to Pacific Richfield Marine, TB Noble Prince and Noble Knight to PSA Marine, and TB KST Sky and KST Space to Keppel Smit Towage.

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