SEAFOX 5 lands first offshore wind contract, worth in excess of $50MM

Source: Keppel Corporation

Keppel FELS Limited (Keppel FELS) is pleased to announce that a contract from the joint-venture Aarsleff Bilfinger Berger (ABJV) Dan Tysk, worth in excess of EUR 35 million (US$50 million), has been secured for SEAFOX 5, the KFELS Multi-Purpose Self-Elevating Platform (MPSEP) wind turbine installation vessel owned and managed with the Seafox Group. The customer ABJV DanTysk has an option to extend the charter by an additional 90 days. 

Keppel FELS is on track to complete the construction of SEAFOX 5 in the second half of 2012. When delivered, the vessel will be used for installing offshore wind foundations in the 288 megawatt (MW) DanTysk windfarm, developed by Europe's leading energy company Vattenfall and Stadtwerke München, in the German sector of the North Sea. 

A 75/25 joint venture (JV) company was formed between Keppel FELS and Seafox respectively, to build and own SEAFOX 5. 

Mr Wong Kok Seng, Managing Director of Keppel FELS, said, "This new charter contract is a significant milestone in establishing Keppel's footprint as a value-added solutions provider for the emerging offshore wind energy sector. I would like to thank our partner, Seafox, whose rich operating expertise was instrumental in the winning of our first charter in the North Sea. 

"Our proprietary KFELS MPSEP vessel brings to bear Keppel's experience in designing, engineering and building rigs for harsh environments, and will offer important advantages over the existing fleet of installation vessels, in terms of safety, and operational and cost efficiency. We are pleased that Keppel and Seafox have won the confidence of leading offshore wind farm contractors such as ABJV DanTysk with this new generation vessel." 

Keppel FELS' proprietary concept was chosen by the Seafox Group in July 2010 as the basis for a new-generation, wind turbine installation vessel. Upon completion, SEAFOX 5 will be managed and operated by Workfox BV, the leading operator of multi-support service jackups in the Southern North Sea, and member of the Seafox Group. 

Mr Keesjan Cordia, Managing Director of Seafox Contractors BV, said, "Developers and operators of offshore wind farms place high emphasis on the reliability of delivery and operations. As such, the collective strengths and track records of the Seafox-Keppel alliance, augmented by an outstanding vessel concept, have launched us forward in sealing the charter contract with ABJV DanTysk. 

"SEAFOX 5's ability to withstand harsh offshore environmental conditions all year round will be advantageous in this first charter where it is expected to work through winter in the North Sea. We look forward to meet ABJV DanTysk's expectations with the delivery of safe and uninterrupted operations as we fortify SEAFOX 5's track record." 

The KFELS MPSEP, designed by Keppel's R&D arm, Offshore Technology Development, features an offshore pedestal crane with a 1,200-tonne lifting capacity, and a spacious deck in excess of 3700m2 with a variable load of 7000 MT. 

"The SEAFOX 5 will prove to the industry that this vessel can be well utilised in both foundation and turbine installation works. We are more than pleased to get started on the DanTysk foundation works in cooperation with ABJV", Mr Cordia added. 

In addition, to being well-suited for servicing offshore wind farms, SEAFOX 5 also meets all the stringent operating regulations of the offshore oil & gas industry and can support a wide range of related activities such as accommodation, well intervention, maintenance, construction and decommissioning. 

The above charter contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

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