Marine Log - December 2008 - (Page 19) WORLDSHIPBUILDING Floater work for Keppel Offshore Keppel Offshore & Marine’s shipyards in Singapore, the Netherlands and Brazil recently secured contracts worth S$340 million (about $226.7 million) for some substantial work for the offshore energy market worldwide. The contracts include two projects by Keppel Shipyard, one for the conversion of a floating storage and offloading vessel (FSO) for Malaysia’s M3nergy JDA Sdn Bhd and another the construction of an internal turret for SBM Offshore, Inc., which will be supplied to its end client BP Norge AS, for its Skarv FPSO unit offshore Norway. Keppel Verolme in the Netherlands will refurbish and outfit a semi-submersible multi-service vessel for Prosafe Rigs Pte Limited. The fourth contract, for the fabrication, installation and integration of topside process modules for the FPSO P-57, has been secured by Keppel FELS Brasil from SBM Offshore. Korea’s STX ShipbuildOasis of the Seas, recently ing. floated out at STX Finland More notable is that STX Europe and France inked a deal under which France will be a 33.34% shareholder in STX France and its shipyards in SaintNazaire and Lorient. STX Europe constructs large cruises ships and ferries in Finland and France. The French up to EURO 83.3 million to yards also have experience STX Europe. If the parties with navy vessels. decide to increase the capitalFrance will acquire the ization of STX France, this 33.34% interest in STX amount can be reinvested in France via an equity invest- STX France and supplementment of in total EURO 110 ed by the French government, million. so that STX France will France’s initial payment receive a total amount of up will be supplemented, based to EURO 125 million. The on STX France’s performance total equity injection would over the period 2009-2011, by then be EURO 235 million, an earn out mechanism under with an implied value of STX which the French government France of EURO 470 million. will make a direct payment of continued on p.33 www.marinelog.com DECEMBER 2008 MARINE LOG 19 http://www.worldwidemetric.com http://www.worldwidemetric.com http://www.marinelog.com
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