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Offshore

Offshore staff

SINGAPORE -- Keppel Offshore & Marine Ltd., which celebrated its fifth anniversary on May 1, 2007, has grown its revenue 300% since its inception in 2002.

In the last five years, group revenue has increased from S$1.9 billion in 2002 to S$5.7 billion in 2006, the company says.

In rig building, Keppel O&M's offshore business has expanded from building four jackup rigs and one semisubmersible in 2002 to the construction of 27 jackups, two deepwater semisubmersible production platforms, and eight drilling semis in 2007.

In ship repair and conversion, the Keppel O&M Group is currently servicing up to 10 major FPSOs, while the specialized shipbuilding division is building 30 offshore support vessels (OSVs).

Today, the group has a global network of 20 yards as part of its "Near Market, Near Customer" strategy, the company says.

"The group has lived up to the expectations behind its creation. Our success is due to the support of our customers as well as the combination of strong market fundamentals and the strategic imperatives that led to the integration of our offshore and marine companies," says Choo Chiau Beng, chairman and CEO.

In 2006, the group secured a historic high level of new orders, totaling S$7.3 billion, due in part to its new proprietary products in jackups and semisubmersibles and success in penetrating new markets such as India and Russia, the company says.

"The strong growth in the offshore and marine sectors is expected to remain robust over the next few years. There are increasing numbers of new entrants, while new oil and gas fields are being developed, particularly in harsher environments. National oil companies are expanding their roles. The challenges include environmental considerations, rapid development of new technologies, rising costs of infrastructure and services and a shortage of skilled manpower," Choo says.

Keppel O&M is working to meet the challenges of the changing landscape in the industry, Choo says. "We remain committed to our customers by executing our projects on time and on budget. We are also going beyond designing and building structures to offer cutting-edge solutions in line with new market requirements. Ultimately, our main aim is to be the partner and provider of choice in our chosen business segments in order to grow beyond today."

5/2/2007