Grup Servicii Petroliere will build an eco-friendly multi-purpose vessel for SGD 181 million in Keppel Singmarine Shipyard

July 27, 2008

Singapore, 27 July 2008 – Grup Servicii Petroliere SA (GSP) has secured a SGD 181 million contract to build a multi-purpose heavylift / pipelay vessel / tender drilling assist with Keppel Offshore & Marine Limited’s (Keppel O&M) wholly-owned subsidiary, Keppel Singmarine Pte Ltd (Keppel Singmarine).

The total value of this new multi-purpose vessel will be USD 410 million.

The new vessel will be unique in the world as it efficiently and economically combines three offshore operating capabilities into one vessel design: pipelay, heavy lift and tender assist drilling operations. The unit has been designed by Dutch design office Ulstein Sea of Solutions.

To be classed by the American Bureau of Shipping, this vessel will be designed and built to meet international environmental standards. The vessel will be certified with the new Environmental Safety notation, which provides stringent guidelines on preventing pollution, minimizing the discharge of harmful substances and emissions, and the treatment of sewage, among others.

Well-suited for unrestricted service worldwide, GSP’s new vessel is scheduled for completion in the third quarter of 2011, and will be deployed to the Black Sea and Mediterranean regions.

Mr Gabriel Comanescu, President of GSP’s parent company the Upetrom Group, said, “We are pleased to be working with a reputable shipyard such as Keppel Singmarine. With its proven track record, we trust that Keppel Singmarine will deliver a high quality vessel that will meet our offshore requirements.”

Mr Hoe Eng Hock, Executive Director of Keppel Singmarine said, “The global players are seeking more sustainable means of mining oil and gas, and we are seeing a gradual increase in orders for specialized ships that are environmentally safe. We are very pleased that the Upetrom Group has chosen Keppel Singmarine to build its latest eco-friendly multi-purpose vessel. Our strength in building large offshore construction support vessels and our understanding of global environmental standards will put us in good stead to create value for our new customer.”

With accommodation for up to 290 persons, the heavylift / pipelay vessel will be equipped with three offshore cranes, the largest of which has a lifting capacity of 1800 tones, and it will be fitted with a 10-point mooring anchor system.

The machinery systems onboard will include three units of Voith Schneider propellers for main propulsion, five retractable azimuth thrusters for positioning, and a Class 3 certified dynamic positioning system. Some of the equipment will be supplied by the owner.

GSP is a member of the Upetrom Group, a privately-owned company. Headquartered in Constanta Harbour, Romania, GSP is a regional leader in offshore drilling, providing a wide range of offshore drilling and drilling connected services, engineering solutions and technical consultancy. The companies within Upetrom Group have activities in onshore and offshore drilling, oilfield equipment production, design engineering, as well as in the tourism sector. Today, Upetrom Group has more than 6000 employees and is operating worldwide with representative offices in various countries.

Keppel Singmarine is the specialized shipbuilding arm of Keppel O&M, a wholly-owned subsidiary of Keppel Corporation Limited. Keppel O&M’s near market, near customer strategy is bolstered by a global network of 20 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

Further Information:

Radu Petrescu
PR Manager Grup Servicii Petroliere
Tel.: +40 21 231 7014

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