Keppel On Track for First Delivery of 2007

Keppel Offshore & Marine Limited (Keppel O&M) maintains its track record of on time, on budget deliveries with its first completion in 2007. Through its wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), the Floating Production Storage and Offloading facility (FPSO) Polvo is on course to be delivered to valued customer, Prosafe Production (Prosafe) in February. FPSO Polvo was named by Lady Sponsor, Mrs CJ Hadden at a ceremony held earlier today. Mrs Hadden is wife of Mr Stephen J. Hadden, Senior Vice President (Exploration & Production) of Devon Energy, the oil company chartering FPSO Polvo. A leading owner and operator of FPSO and FSO facilities, Prosafe has in the last ten years entrusted Keppel Shipyard exclusively to carry out the conversion and upgrading of all their FPSO and FSO systems, numbering eight in total.

Upon delivery FPSO Polvo will be deployed offshore Brazil in the Polvo Field. It is capable of handling a daily oil production of 90,000 barrels of oil per day (bopd) and having a storage capacity of 1.6 million barrels.