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Keppel's $630m first half orders pushes rig deliveries into 2010.

Europe Intelligence Wire

| August 01, 2006 | COPYRIGHT 2006 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Byline: Marcus Hand in Singapore

KEPPEL Offshore and Marine is taking orders for oil rigs to be delivered in 2010, having bagged S$4.7bn (US$630m) worth of new orders so far this year.

Keppel has now racked up two-thirds of the order level achieved for the whole of 2005, a record year for the Singapore yard group. It's net orderbook is now S$9.8bn.

'With existing net orderbook standing at a record level, completions are stretched into 2010,' said Teo Soon Hoe, finance director for parent Keppel Corp at its half year results briefing.

'The active rigbuilding market also drove demand in other segments, including conversions, rig upgrades and offshore support vessels.' The outlook for the sector continues to remain bright.

'With many oil majors increasing their exploration and production expenditures, we believe the offshore and marine industry will continue to be buoyant,' said Lim Chee Onn chairman of Keppel Corp.

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