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AGILITYLeveraging Innovation

Report toStakeholders2014

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01 Key Figures for 201402 Chairman’s Statement06 Interview with CEO10 Group Financial Highlights12 Group at a Glance14 Board of Directors18 Key Personnel

28 Leveraging Innovation30 Special Feature38 Operations Review & Outlook60 Technology & Innovation

SUSTAINABILITY REPORT

Sustaining Growth66 Managing Sustainability68 Safety Excellence72 Productivity and Quality76 Eco-Consciousness78 Business Continuity Empowering Lives80 People Development Nuturing Communities

88 Community Development94 Global Network100 Corporate Structure

AGILITYLeveraging Innovation

Agility marks the ability of the Keppel Group torespond to market and environmental changes inways that drive performance and build competitiveadvantage. We are con igured with our inancial andorganisational strengths to navigate challengingterrain and scour new markets, and throughinnovation, offer new solutions, and execute with

precision and enhanced productivity.

VISIONOur vision is to be the providerof choice and partner forsolutions in the global offshoreand marine industry.

MISSIONKeppel Offshore & Marine isa global leader in offshore rigdesign, construction and repair,ship repair and conversion,and specialised shipbuilding.We harness the synergy of 20yards worldwide to be near ourcustomers and their markets.

OPERATING PRINCIPLES1 Best value propositions

to customers

2 Tapping and developingbest talents from ourglobal workforce

3 Cultivating a spirit ofinnovation and enterprise

4 Executing our projects well

5 Being inancially disciplined toearn best risk-adjusted returns

6 Clarity of focus and operatingwithin our core competence

7 Being prepared for the future

Contents

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Accident Frequency Rate

0.11The latest accident frequency rate,down from 0.12 in 2013 and maintainsthe 0.11 in 2012

Major Project Deliveries

32Execution excellence as wedelivered every project to ourcustomers’ satisfaction

Training Investment

$16.3 mThe amount spent on training employeesworldwide during the year

Net Orderbook

$12.5bStrong net orderbook at end-2014with deliveries extending to 2019

New Orders Secured

$5.5 bHealthy level of new contractsfor the year

KFELS B CLASS Rigs Delivered

54The number of our proprietaryKFELS B Class rigs delivered since2000 to end 2014 which accountsfor a quarter of the jackups delivered

to the market since then

01Key Figuresfor 2014

Key Figures

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LOH CHIN HUACHAIRMAN

To thrive, we must stayighting it and focused

on adapting to market

challenges with innovativeand value-adding solutions.We believe that long-termindustry fundamentals remainintact and that the current lowoil price level is unsustainablein the long run.

02

KEPPEL OFFSHORE & MARINE LTD

Report to Stakeholders 2014

Chairman’sStatement

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We are focused onensuring our businessremains robust aswe build our benchstrength and continueto deliver operationallyand inancially.

Dear Shareholders,2014 was a year of two very different halves. At the start of the year, the oil pricewas about US$100 per barrel, a price at which it had been hovering around forabout four years. In the middle of the year, however, the oil price began todecline, spiraling down to end the year at half the value of June 2014. This rapidfall has affected sentiments and activities in oil-related industries. It has led oilcompanies to review planned projects and also put some of them on hold.

As 2015 begins on a cautious note, centering on whether oil prices havebottomed and how long before it will recover and stabilise, Keppel Offshore &Marine (Keppel O&M) remains focused on ensuring our business remains robustand competitive, and that we continue to deliver operationally and inancially.

Last year, we achieved revenue of $8.56 billion, compared to $7.13 billion in 2013.Net pro it after revaluations, impairments and divestments (RID) crossed theone billion mark to reach $1.04 bill ion, compared to $944 million in 2013.Economic Value Added before RID remained healthy at $764 million.

STAYING THE COURSEAt Keppel O&M, our excellent project execution has been fundamental tobuilding trust with customers and sustaining market leadership. We havegrown from delivering a few rigs annually to delivering a record 22 rigs fromour global network of yards in 2013. In 2014, Keppel O&M’s worldwide yardsdelivered seven rigs, seven FPSO conversion/upgrading projects and nine majorspecialised vessels in a timely and safe manner. In particular, the delivery of twoof the world’s largest jackups to Maersk Drilling further strengthened KeppelFELS’ sterling rigbuilding track record.

Amidst a weakened market in the second half of 2014, Keppel O&M ended theyear with $5.5 billion of new orders, maintaining a healthy net orderbook of$12.5 billion. The new orders include the world’s irst two Floating LiquefactionVessel (FLNGV) conversion contracts, which were awarded by Golar LNG, as wellas the irst proprietary KFELS N Plus jackup for TS Offshore. Baku Shipyard inAzerbaijan, which was inaugurated in end 2013, also secured its irst majornewbuild contract - a subsea construction vessel for BP Exploration (Shah Deniz)Ltd. These orders are the fruition of our strategic positioning in key markets,constantly engaging our customers and staying ahead of market trends.

Our strong orderbook, secured from a mix of established customers andnational oil companies, has deliveries extending into 2019. Besides newbuild

projects, Keppel O&M also undertakes repair, upgrade and completion projects,and our track record sets us apart from others. Such projects are expected toincrease as existing rigs will still need to undergo their regular Class surveysand maintenance programmes regardless of market conditions. This agilityenables us to maximise our resources while providing value-added servicesto our customers.

ENHANCING BUSINESS ROBUSTNESSWe have begun to see a slowdown in order momentum and competition isexpected to intensify. To thrive, we must stay ighting it and focused onadapting to market challenges with innovative and value-adding solutions. Webelieve that long-term industry fundamentals remain intact and that the currentlow oil price level is unsustainable in the long run. We have also observed ahigher pace of rig scrapping and write-downs of old rigs by several drillingcontractors. With more than 50% of jackups and semisubmersibles currently 25years old and above, these are positive signs that replacement demand willreturn in the medium to longer term.

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To position Keppel O&M for the next cycle, one of our priorities will be to furtherimprove our operational ef iciency. Our operating units are actively reviewing theirbusiness processes, putting in place systems to better manage risks, increaseproductivity and sharpen our competitive edge. Over the years, we have grown ourbrand equity by delivering differentiated and cost-effective products and servicesthrough innovation and technology.

For example, the demand for natural gas, with its advantages of being cleanerand abundantly available, is an opportunity for growth. Keppel Offshore & MarineTechnology Centre has commenced research projects covering naturalgas liquefaction systems, Lique ied Natural Gas (LNG) fuelled vessels anda mini-LNG supply-chain for associated gas. We are con ident that the FLNGVconversion solution, which we have commercialised, will be attractive for themarket as it offers a cost-effective option for developing ields at remote locationswhere huge infrastructure investment is not economical.

THRIVING AMIDST CHALLENGESAs national oil companies are expected to anchor E&P spending in the future, ourNear Market, Near Customer strategy has allowed us to extract value from meetingdemands in captive markets, gather market intelligence from the ground, as well asharness synergy between our global yards. We will continue to deepen this strategy,

especially in areas where we already have a presence.

In terms of new additions to our global network, we will continue to pursue theagreement with PEMEX, Mexico’s national oil company, to jointly develop a yard inAltamira, Mexico, as well as our management services agreement to operate TitanQuanzhou Shipyard in Fujian Province, China.

There could also be good opportunities during this market weakness to strategicallyacquire or co-invest with like-minded partners in new capabilities and facilities. In anuncertain market environment, we will continue to be rigorous and disciplined inour evaluation and negotiation of deals to ensure that returns are commensuratewith risks.

DRIVING SUSTAINABILITYAccountability to our stakeholders is fundamental to the sustainability of ourbusiness performance. Our people are guided by our core values in striving tocreate and maximise value wherever we operate, with integrity and safety.

Our Near Market, NearCustomer strategy hasallowed us to extractvalue from meetingdemands in captivemarkets, gathermarket intelligencefrom the ground,as well as harnesssynergy betweenour global yards.

01

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Chairman’sStatement

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To maintain a sustainable and productive workforce, we nurture our global talentpool through continuous training, development and motivation to propel themto reach their full potential.

Safety is vital to our business and we spare no effort in entrenching a safetyculture with zero tolerance for incidents. Despite our efforts, we suffered fourfatalities in 2014. We take every incident seriously and are deeply saddened bythe tragic loss of lives. Each incident was thoroughly investigated, with rootcauses clearly identi ied and swiftly followed with preventive measures. We haveconducted safety reviews in our global yards to ensure best practices are sharedand conducted campaigns to increase awareness of high impact risk accidents.

As a global citizen, we believe in contributing to the communities we operate in.In Azerbaijan for instance, Caspian Shipyard Company’s (CSC) community

outreach initiatives during the year included volunteering at a Special BoardingSchool for children with speech impediments situated at the Primorskneighborhood of Baku, where the majority of CSC’s local workers live.

STRENGTHENING LEADERSHIPHaving a strong and sustainable leadership team is pivotal to our ability toremain at the forefront of our industry. We continued to identify and groomcompetent leaders who will steer Keppel O&M into the next phase of growth. In2014, we bolstered our bench strength with key appointments of experiencedsenior management personnel. Abu Bakar Mohd Nor was appointed asManaging Director of Keppel Singmarine, succeeding Hoe Eng Hock, who wasappointed Managing Director (Special Projects) of our Marine Division. Over atKeppel FELS, Chris Ong was appointed Executive Director (Commercial), whileMohd Sahlan Bin Salleh assumed the role of Executive Director (Operations). AtKeppel Shipyard, Louis Chow was appointed Executive Director (Commercial).

ACKNOWLEDGEMENTOn behalf of the Board of Directors, I would like to thank all our valuedcustomers, business associates, classi ication societies, vendors, suppliers andcontractors for their continuing support. Our achievements are due to ourdedicated and loyal employees who are our most important assets. I would alsolike to acknowledge the assistance and support of all local, state and federalauthorities in the host countries where we have operations.

Keppel O&M has navigated through ups and downs and weathered dif iculttimes in past cycles. We have emerged stronger each time and our people, moreresilient. The challenging market outlook ahead will again test our core strengths.

With a strong management team leading a committed workforce, and with thesupport of our partners, we are resolved, as we have been before, to comeout from this storm more robust and ighting it, ready to continue to shapethe future.

We continue toidentify and groomcompetent leaders

who will steer KeppelO&M into the nextphase of growth.

01

Backed by a strongorderbook, KeppelO&M continues to

execute and deliver itsprojects well, improvingoperational ef iciencyand seizing newopportunities to grow.

LOH CHIN HUACHAIRMAN31 March 2015

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As we move further into 2015, we are fully cognizant that we are heading into uncertain and unchartedwaters, a situation which we have found ourselves in several times since the 1980s. Each downturn isdifferent; we have learnt valuable lessons from all of them and emerged more robust and resilienteach time. Keppel O&M today is in a much stronger position to withstand the industry headwinds.

The sharp decline in oil prices, which started in June 2014, has brought about signi icant challengesfor the industry. As oil companies seek to cut costs, global exploration and production (E&P) spendingis expected to be cut by about 9% this year, reducing orders for new equipment as well as puttingpressure on charter rates for drilling rigs. Oil prices are expected to stay muted for a while, with someestimates suggesting the recovery could start in late 2015 or early 2016. The low oil prices we seetoday are not sustainable in the long run and the oil and gas sector will inevitably move towards anew equilibrium, driven by demand and supply dynamics. In this respect, National Oil Companies(NOCs) will be an interesting group to watch. With lower oil prices, NOCs, driven by their governments,will be pushed to maintain output and may even stimulate production growth in a bid to make up forthe price declines with volume. Already, we see NOCs such as Saudi Aramco and PEMEX keepingtheir overall rig count in their respective regions steady in 2015.

In the global rig market, even as new rigs continue to be delivered in 2015, there is still a signi icantnumber of ageing rigs. Under the prevailing environment of lower dayrates, drilling contractors are

What is Keppel O&M’soutlook for theoffshore and marineindustry? How is thisdownturn differentfrom what thecompany hadexperienced inthe past?

CHOW YEW YUEN

CEO

At Keppel O&M, we willnot waste a good crisis.We will continue to seizeopportunities to buildand grow our business.

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unlikely to spend to upgrade old rigs and scrapping the unproductive rigs with low returns may infact be the more economical option for the long term. When the market improves, these contractorswould then be ready to order new rigs that are more ef icient and fetch higher day rates. In this loweroil price environment, E&P activities in certain shallow water regions, such as the Middle East, willcontinue as the breakeven cost to produce from these ields is much lower than the current oil priceof about US$50 a barrel. Other countries, such as Mexico and India, are also expected to continuewith their E&P programmes, driven by their long term goal to achieve energy self-suf iciency.

We are entering this downturn with a strong orderbook of $12.5 billion, which will provide us witha cushion to ride out this down cycle while we concentrate on improving what we do best; securingnew orders, conserving and channeling our resources to priority areas, as well as seizing opportunitiesfor growth. We will be focusing on ive priority areas of safety performance, execution, productivity,supply chain management and research and development (R&D) that will enable us to continueproviding the best propositions to our customers.

We aim to improve our safety performance, with the immediate goal to achieve zero fatalities andsubsequently zero incidents. Keppel O&M has a solid track record for delivering all our projects eitheron time or ahead of schedule, within budget and with good safety standards and we remain relentlessin keeping this up. In the same vein, we are looking to make our operations leaner and meaner,leveraging technology combined with our own innovations and process improvements to enhanceef iciencies. We are also closely monitoring and managing our supply chain to ensure that we areequipped to respond to changes with agility.

We will continue to step up our R&D efforts to augment our pipeline of innovative and viable technology.As our customers are also facing challenges, Keppel O&M needs to stay agile and seek ways to better meettheir needs for value-adding and cost-effective solutions. At Keppel O&M, we will not waste a good crisis.

Leveraging our Near Market, Near Customer strategy and inancial strength, we will seize opportunities tobuild and grow our businesses, while anchoring our position as the preferred solutions partner.

We continue to invest strategically in our R&D and innovation efforts to develop new solutions forcustomers as well as improve our productivity and work processes.

Even as we conceptualise new solutions, we are promoting the advanced and next-generation rigdesigns which we have introduced to the market. Besides our suite of jackup designs, including thestate-of-the-art Plug and Abandonment jackup rig design we are working on with Seafox, we arealso developing a revolutionary SMART semisubmersible capable of operating alongside an FPSO toprovide maintenance and accommodation services. In addition, our multi-tasking CAN DO drillship isprogressing on track to be completed in 2016. We have also launched our own liftboat design, whichwas developed by Bennett Offshore, our naval architecture and marine engineering unit. Nakilat-KeppelO&M, our joint venture yard in Qatar, is undertaking the construction of its irst liftboat to this design,with Keppel Singmarine in Singapore providing technical services. What differentiates our liftboat designfrom others in the market is that it can operate more ef iciently and at a lower cost. Lique ied naturalgas (LNG) is another area in which our R&D will continue to keep a keen eye on. Already, we are makingsatisfactory progress with the awards from Golar LNG for the conversion of two LNG carriers intoFloating Liquefaction Vessels. We are further conducting our own R&D for more of such cost-effective,niche LNG solutions which will be able to meet market needs.

As part of our ongoing efforts to entrench a strong culture of innovation, in October 2014, we organisedthe second Keppel O&M Innovation Awards to recognise innovative projects and work processimprovements. 25 awards were given out to a range of projects for their impact and scalability, alignmentwith Keppel’s commercial objectives and sustainability of results over the longer term.

In the past four decades, we have gone through various cycles in the oil and gas industry. We will apply ourexperiences and feedback from customers accumulated over the years to our technological innovations toprovide robust and resilient solutions to the market.

What are yourimmediate prioritiesin navigating KeppelO&M through this

challengingenvironment?

In terms of R&D,what are some ofthe newer growthareas that Keppel O&Mplans to pursue?

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Our Near Market, Near Customer strategy has equipped Keppel O&M with an unrivalledcompetitive advantage of a global network of 20 yards. Today, many of our yards are leadersin their regions, capable of providing a wide range of quality offshore and marine services whilemeeting local content requirements. A good case in point is our Keppel Subic Shipyard in thePhilippines, which had, in February 2015, completed and delivered the Depletion Compression

Platform to Shell Philippines Exploration BV, operator of the Malampaya Deep Water Gas-to-Powerproject in the Philippines, on time and with an excellent safety record. This is the irst majoroffshore project ever to be completed by a shipyard in the Philippines. Keppel AmFELS, ouryard in Brownsville, Texas, in the US, has recently been entrusted by a major operator to build oneof the world’s largest land drilling rigs, which will be capable of operating in harsh conditions.This is testament to Keppel AmFELS’ established engineering and construction capabilities,which enable the yard to tap projects beyond the offshore industry.

We will also continue to develop the capabilities of our overseas satellite yards such asKeppel Nantong in China and Bintan Offshore in Indonesia which contribute signi icantlytowards supporting our yards in Singapore, especially in light of the latter’s tightening foreignlabour quota. We have made substantial investments in the last few years to ramp up our satelliteyards’ capabilities, such as the installation of a 1,500-tonne gantry crane in Keppel Subic Shipyardand the expansion of the panel line workshop in Keppel Nantong to cater to offshore projects.

Given the lower oil price environment, our discussions on the partnerships with Pemex to set upa yard in Mexico, and Titan Petrochemicals Group to operate a shipyard in China, have slowed butthe plans are still in place. Both Mexico and China are expected to see growth in demand foroffshore and marine solutions in the years to come and we as well as our partners are con identof the long-term viability of our ventures. Beyond these two upcoming yards, we will be open toopportunities to add to our network, should they make commercial sense and add value to theCompany and our stakeholders.

The Brazilian oil and gas industry is facing enormous challenges. Besides the low oil price, thecorruption scandal af licting national oil company Petrobras has impacted the whole supply chainin the country. Notwithstanding this, we are con ident that the country will continue to ind a way

to move forward to achieve its long-term aspirations to be a net oil and gas exporter. Keppel O&Mhas had a presence in Brazil since 2000 and we have been serving Brazilian customers since the1970s. We remain committed to continue to grow with the country and our customers there.

How will the Companyleverage its network ofyards to captureopportunities for furtherexpansion in

the present marketenvironment?

Please provide anupdate on your projectsin Brazil. How is Keppel

O&M managing thechallenges of operatingin the country?

0101

The mutli-taskingCAN DO drillship isexpected to meetmarket needs.

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BrasFELS, our yard in Angra dos Reis, is responding to the challenges by managing carefullyits resources and operational costs. The BrasFELS team is in regular communication with ourcustomers in Brazil so that it can respond swiftly to their needs. With the cooperation andsupport of the BrasFELS workforce and union, the yard is working towards the safe and timelycompletion of its ongoing projects.

Besides Sete Brasil and Petrobras, BrasFELS services a number of other customers. Theintegration of topside modules on the FPSO Cidade de Itaguai for MODEC and Toyo OffshoreProduction Systems (MTOPS) is also progressing well.

We do not expect any rig cancellations. Our customer base is made up of mainly bona idedrilling contractors or oil companies. We have a robust risk management system in place

which guides us in taking on projects with well-de ined contracts that ensure the Companywould be adequately compensated for the risks that it assumes.

If there are customers who seek to defer their rig deliveries, we will review and re-allocate ourwork schedules and resources to minimise any impact on us. Such deferments could meanadditional costs, and we would discuss with our customers how best to resolve such issues.

In both good times and bad, our people are our greatest assets. We are fully committed todeveloping a quality workforce to serve the needs of our global customers. At Keppel O&M,we have a sound human capital strategy with four key elements - to attract, engage, recogniseand develop our employees, with the intention to cultivate a positive emotional attachmentand commitment to the Company.

Every year, we invest signi icantly in the training and development of our employees. In 2014,we invested approximately $16.3 million globally. We have a variety of programmes tailoredfor employees from various educational and skills backgrounds. The aim is to ensure that wetap the potential of each and every employee and support them to perform to the best oftheir abilities. This is because in the offshore and marine industry, we require talent andskill-sets across a wide spectrum of disciplines.

We have an unwavering focus on Health, Safety and the Environment. In 2014, we investedover $44 million in safety infrastructure and training, and will continue to do more in the yearsahead. The key is to ensure that at all levels of the workforce across our global network ofyards, we inculcate a strong safety culture and all our employees recognise that safety iseveryone’s business.

On the environmental front, in the last year, we stepped up efforts to implement more energysaving initiatives across all our yards, particularly those in Singapore. This is in line withSingapore and the Keppel Group’s commitment to cut greenhouse gas emissions by 16%from year 2020 on a business-as-usual basis. An energy saving initiatives workshop wasorganised in early 2015 with the aim of providing a platform to further consolidate ourenergy-saving ideas, and for all levels of staff to pledge their commitment to drive andcascade these ideas across the Company. In the area of community contributions, weencourage all our yards, in Singapore and overseas, to seek ways for our employees toparticipate in volunteer activities which help to bene it individuals from all walks of life.In 2014, we had many such volunteer activities organised by our yards in Singapore, Brazil,China, the Philippines, Azerbaijan and the US.

Do you expect anycustomers to cancel

or reschedule projectswhich Keppel’s yardsare currently executing?What measures do youhave in place to mitigatethe contract risks?

With the currentoutlook, what is Keppeldoing to ensure thecompany’s sustainabledevelopment globally?

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CONSOLIDATED BALANCE SHEETas at 31 December 2014

S ’ S ’

Share capitalReservesShareholders' fundsNon-Controlling interestsCapital employed

Represented by:

Fixed assets

AssociatesLoans receivableGoodwillInvestments

Current assetsStocksWork-in-progress cost billingsRelated companies & associatesOther assetsDebtors

Bank balances, deposits & cash

Current liabilitiesCreditorsWork-in-progress billings costRelated companies & associatesOther liabilitiesShort term loansTaxation

Net current assets

Non-current liabilitiesLong term loansDeferred taxationDeferred liabilities

Net assets

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Group FinancialHighlights

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CONSOLIDATED PROFIT & LOSS ACCOUNTfor the inancial year ended 31 December 2014

S ’ S ’Change

Revenue

Operating pro itNet Interest / investment incomeShare of results of associates -Pro it before taxTaxationPro it after taxNon-Controlling interests

Pro it before non-recurring itemsNon-Recurring items -Net pro it

Economic Value Added Before non-recurring items

In a year which saw increasingheadwinds in the industry due toplunging oil prices, Keppel Offshore& Marine achieved a strong set ofresults on the back of a healthyorderbook. Revenue increasedby 20% to $8.6 billion due to higheractivity levels and timing differenceson the recognition of jobs in hand.Operating pro it of $1,220.2 millionwas 17% above that of 2013 due tohigher revenue. Net interest incomewas 18% higher at $76.6 million,while contributions from associatesof $57.3 million was 24% lower.Pro it after tax of $1,088.9 millionwas 13% higher compared to 2013,

while net pro it of $1,039.4 millionwas 10% higher.

The Group’s return on equity(before non-recurring items)was 42%, while EconomicValue Added was a healthy$764.1 million.

The Group delivered seven jackuprigs, seven FPSO/FSO conversion/upgrade projects and ninespecialised vessels in 2014. Thetotal value of contracts secured forthe year was $5.5 billion, and theGroup ended the year with a netorderbook of $12.5 billion.

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Group Financial Highlights

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$8,556 m

$1,039 m 10% increase from 2013

20% increase from 2013

Revenue ($ million)

Net Pro it ($ million)

KEPPEL OFFSHORE & MARINE

Global leader in offshore rig design, constructionand repair, ship repair and conversion, andspecialised shipbuilding.

Headquartered in Singapore, Keppel O&M integrates and harnesses

the experience and expertise of 20 yards worldwide to optimisedeployment of resources and effectively execute our Near Market,Near Customer strategy.

The head of ice serves two central functions, providing OperationalServices including technology, design and development, engineering andprocurement, as well as Corporate Services covering inance, legal, humanresources, information services and corporate development.

Driven by innovation and a capable people with the Can Do! spirit, we striveto become a builder of distinction in every aspect of our business.

GLOBAL FOCUSFOR 2015 2016

FORTIFY CORECOMPETENCIES

• Build on operationalexcellence and raiseproductivity levels todeliver projects safely, ontime and within budget.

LEVERAGE GROWTHPLATFORMS

• Extend expertise to offer awider range of products,solutions and services forthe offshore and marineindustry through R&D.

HARNESS GLOBALSYNERGIES

• Develop and draw on thecollective strength of globalyards and of ices toreinforce Near Market, NearCustomer strategy anddeliver value to customers.

INCREASE BUSINESSROBUSTNESS

• Seek opportunities tostrategically acquire or

co-invest with partners innew capabilities andfacilities, and enter intonew markets.

2 0 1 4

8,556

7,130

7,963

5,706

5,577

2 0 1 4

1,039

944

974

1,099

1,037

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Group ata Glance

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OFFSHORE MARINEShiprepair and Conversion MARINESpecialised Shipbuilding

The Offshore Division, helmedby Keppel FELS, is a leadingdesigner, builder and repairerof high-performance mobileoffshore drilling rigs.

The Division’s portfolio of proprietarydesigns and loating productionsolutions meets a broad spectrum ofoperating requirements includingdeep waters and harsh environments.

With technology innovation andcompetent design and engineeringcapabilities, this Division offersviable, cost-effective and highlyadaptable solutions for newbuildsand upgraded offshore units.

In the Marine Division, KeppelShipyard is the trusted industryname for the repair, conversionand upgrade of a diverse rangeof vessels.

Keppel Shipyard is a leaderin the conversion of FloatingProduction Storage and Of loading;Floating Storage and Of loading;Floating Storage Re-gasi ication; and

Floating Liquefaction units. Itscompetencies include topside andturret fabrication.

With a strong commitment to Health,Safety and Environment and anestablished reputation of reliability,

lexibility and quality for complexprojects with quick turnaround, theDivision continues to deliver highvalue to its customers.

The Specialised Shipbuilding arm inthe Marine Division is led by KeppelSingmarine, which has a track recordof some 400 newbuild vessels ofdiverse functions and sophistication.

Its portfolio of customised vesselsspans Anchor Handling Tug/Supplyvessels, multi-purpose OffshoreSupport Vessels and tugboatsto highly advanced solutions

such as ice-capable and subseaconstruction vessels.

Harnessing its suite of design andengineering solutions, stronglogistics and infrastructure supportin Singapore, Keppel Singmarineprovides customers with one-stopvalue-added services.

Leading designer,builder and repairerof high-performancemobile offshoredrilling rigs.

Trusted industryname for the repair,conversion and upgradeof a diverse rangeof vessels.

Designer andbuilder of a widespectrum of highlyspecialised ships fora global clientele.

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Group at a Glance

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LOH CHIN HUA

CHOW YEW YUEN

STEPHEN PAN YUE KUO

Loh Chin HuaChairmanKeppel Offshore & Marine LtdKeppel FELS LtdKeppel Shipyard LtdKeppel Offshore & MarineTechnology Centre Pte LtdKeppel Land LimitedKeppel Telecommunications &Transportation LtdKeppel Infrastructure Holdings Pte. Ltd.Alpha Investment Partners Limited

Non-Executive DirectorKrisEnergy Ltd

Chief Executive Of icerKeppel Corporation

Chow Yew YuenChief Executive Of icerKeppel Offshore & Marine Ltd

ChairmanKeppel AmFELS, LLCKeppel FELS Brasil SAKeppel Offshore & Marine USA, Inc.Keppel Singmarine Pte LtdKeppel Philippines Holdings IncKeppel Sea Scan Pte LtdDeepwater TechnologyGroup Pte LtdMarine TechnologyDevelopment Pte LtdOffshore TechnologyDevelopment Pte Ltd

Stephen Pan Yue KuoChairmanWorld-Wide Shipping Agency Limited,Hong Kong

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Board ofDirectors

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PO’AD BIN SHAIK ABU BAKAR MATTAR

PROF MINOO HOMI PATEL

DR MALCOLM SHARPLES

Prof Minoo Homi PatelProfessor of Mechanical Engineeringand Director of DevelopmentSchool of Aerospace,Transport and Manufacturing

Dr Malcolm SharplesPresidentOffshore Risk & TechnologyConsulting Inc, USA

Po’ad Bin Shaik Abu Bakar MattarIndependent DirectorHong Leong Finance Limited

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Board of Directors

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TAN EK KIA

LIM CHIN LEONG

ROBERT D. SOMERVILLE

Tan Ek KiaChairmanCity Gas Pte LtdStar Energy Group Holdings Pte Ltd

Independent andNon-Executive DirectorKeppel Corporation LimitedTransocean LtdKrisEnergy LtdPT Chandra Asri Petrochemical Tbk

Non-Executive DirectorSMRT Corporation Ltd

Lim Chin LeongFormer ChairmanAsia Schlumberger

Robert D.SomervilleVice ChairmanMaine Maritime AcademyBoard of Trustees

DirectorGasLog LtdKnightsbridge Tankers Ltd

Former Chairman and CEOAmerican Bureau of Shipping

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Board ofDirectors

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SIT PENG SANG

CHAN HON CHEW

Sit Peng SangDirectorKeppel AmFELS, LLC

Chan Hon ChewChief Financial Of icerKeppel Corporation Ltd

ChairmanKeppel DC REIT Management Pte. Ltd.(Manager of Keppel DC REIT)

Non-Executive DirectorKeppel Land LtdKeppel Telecommunications& Transport LtdKeppel Infrastructure Holdings Pte Ltd

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OFFSHORE & MARINE

1. Abu Bakar Bin Mohd NorManaging DirectorKeppel Singmarine

2. Wong Kok SengManaging DirectorOffshore and Keppel FELS

3. Wong Ngiam JihChief Financial Of icer

4. Chow Yew YuenChief Executive Of icer

5. Loh Chin HuaChairman

6. Michael ChiaManaging DirectorMarine and TechnologyKOMtech

7. Chor How JatManaging DirectorKeppel Shipyard

8. Hoe Eng HockManaging DirectorSpecial Projects, Marine

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1. Kenneth ChongAssistant General ManagerLegal, Company Secretary

2. Dr Lee Chay HoonGeneral ManagerOrganisation Development and HR

3. Lai Ching ChuanDirectorCorporate Development

4. Yong Chee MinDirectorHSE and Special Projects

5. Jeffery ChowGeneral ManagerLegal

6. Edmund MahGeneral ManagerFinance

7. Phillip MahGeneral ManagerSecurity

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34

5

67

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KEPPEL FELS

1. Tan Leong PengGeneral ManagerEngineering

2. Jay SingamGeneral ManagerCommercial

3. Keith TeoGeneral ManagerMarketing

4. Wong Fook SengExecutive DirectorProcess Excellence and Planning

5. Mohamed Sahlan Bin SallehExecutive DirectorOperations

6. Wong Kok SengManaging DirectorOffshore and Keppel FELS

7. Chris OngExecutive DirectorCommercial

8. Aziz Amirali MerchantExecutive DirectorEngineering

9. Jerald LeeFinancial Controller

10. Lim Ah ChengGeneral ManagerOffshore Technology Development

11. Yeo Yue NgiapGeneral ManagerCommercial(Not in photo)

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10

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KEPPEL SHIPYARD

1. Ivan LimGeneral ManagerOperations

2. S. JayakumarGeneral ManagerProjects

3. Louis ChowExecutive DirectorCommercial

4. Jim LimFinancial Controller

5. Chin Sze KiunGeneral ManagerCommercial – Repair

6. Michael ChiaManaging DirectorMarine

7. Burt LohGeneral ManagerOperations

8. Chor How JatManaging Director

9. Charles SimGeneral ManagerOffshore Production

10. Boo Chin TuanGeneral ManagerOperations Excellence/Talent Management

11. Tan Peng PongGeneral ManagerEngineering and Systems Development

12. Jimmy LohGeneral ManagerProjects and Control

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9

KEPPEL SINGMARINE

1. Poon Tai LumGeneral ManagerCommercial/Marketing

2. Diwakar KarriYard ManagerCompletion and Commissioning

3. Edmund LekExecutive DirectorOperations

4. David LohGeneral ManagerOperations

5. Abu Bakar Bin Mohd NorManaging Director

6. Au Yeong Kin HoGeneral ManagerEngineering

7. Toh Ko LinExecutive DirectorCommercial

8. Alex NeoYard Manager

9. Chin Lik KiongSenior Yard Manager

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3

4

5 6 7

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RESEARCH & DEVELOPMENT

1. Dr Matthew QuahSenior Programme ManagerOffshore Structures and Analysis, KOMtechGeneral Manager, DesignOffshore Technology Development

2. Au Yeong Kin HoGeneral ManagerEngineering, Keppel Singmarine

3. Dr Foo Kok SengExecutive DirectorShallow Water Technology, KOMtechOffshore Technology Development

4. Charles FooDirector/AdvisorKOMtech

5. Michael ChiaManaging DirectorTechnology, Keppel O&MKOMtech

6. Aziz Amirali MerchantExecutive DirectorDeepwater Technology, KOMtechDeepwater Technology GroupMarine Technology Development

7. Charles SimTechnical and Projects DirectorFPSO and Offshore Production, KOMtech

8. Anis Altaf HussainProgramme DirectorDeepwater Technology, KOMtech

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5

6

1

2

3

4

OVERSEAS MANAGERS

1. Kwok Kai ChoongKeppel FELS BrasilEstaleiro BrasFELS

2. Loh Kee HuatKeppel Singmarine Brasil

3. Harold LinssenKeppel Verolme

4. Chandru Sirumal RajwaniNakilat-Keppel Offshore & Marine

5. Leong Kok WengKeppel Subic Shipyard

6. Tan Geok SengKeppel Batangas Shipyard

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11

12

7

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7. Simon LeeKeppel AmFELS

8. Lau Kuat PinCaspian Shipyard Company

9. Edmund LekKeppel Nantong ShipyardKeppel Nantong Heavy Industry

10. Michael Holcomb

Keppel Marine AgenciesInternational

11. Leong Siew LoonArab Heavy Industries

12. Lam Khee ChongBaku Shipyard

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OVERSEAS OPERATIONALCENTRES

Arab Heavy Industries PJSCLeong Siew LoonMANAGING DIRECTOR

PT Bintan OffshoreThomson HalimGENERAL MANAGER

Keppel Philippines Marine, IncToh Ko LinPRESIDENT

Stefan Tong Wai MunEXECUTIVE VICE PRESIDENT

Keppel Batangas ShipyardTan Geok SengGENERAL MANAGER

Ramon M. CorneliaVICE PRESIDENTOperations

Keppel Subic Shipyard, IncLeong Kok WengPRESIDENT

Leong Chee Wah, SpencerGENERAL MANAGER

Keppel Offshore & Marine USA, IncTommy SamCHIEF FINANCIAL OFFICERAmericas

Cheung Tak OnVICE PRESIDENTTechnology

Keppel AmFELS, LLCSimon LeePRESIDENT

Eric PhuaVICE PRESIDENTCommercial

Tom McCoyVICE PRESIDENTProduction

Dennis TanVICE PRESIDENTFinance

Keppel FELS Brasil S.A.

Kwok Kai ChoongPRESIDENT ANDCHIEF EXECUTIVE OFFICER

Tommy SamVICE PRESIDENT

Marlin KhiewVICE PRESIDENTOperations

Gilberto IsraelCOMMERCIAL DIRECTOR

Low Han KiatCHIEF FINANCIAL OFFICER

Alceu MarianoINSTITUTIONAL RELATIONSDIRECTOR

Luiz CaetanoOPERATIONS DIRECTOR

Karina StoffLEGAL AND HR DIRECTOR

Low Tiau TongDIRECTORSpecial Projects

Keppel Verolme BVHarold Linssen

MANAGING DIRECTOR

Wong Wei KeiCHIEF FINANCIAL OFFICER

Caspian Shipyard Company LtdLau Kuat PinCHIEF EXECUTIVE OFFICER

Elshan GurbanovCHIEF FINANCIAL OFFICER

Keppel Nantong Shipyard Co. Ltd

Keppel Nantong Heavy Industry Co. Ltd Edmund LekPRESIDENT

Wong Phuay ChengVICE PRESIDENTOperations

Li GangVICE PRESIDENTCommercial

Lim Kok HweeVICE PRESIDENTFinance

Nakilat-Keppel Offshore & Marine LtdChandru Sirumal RajwaniCHIEF EXECUTIVE OFFICER

Albert KeeGENERAL MANAGEROperations

Regency Steel Japan LtdWong Chun YuPRESIDENT

Shigeyuki HatanoCHIEF OPERATING OFFICER

Keppel Singmarine Brasil LtdaLoh Kee Huat

GENERAL MANAGER

Baku Shipyard LLCLam Khee ChongPRESIDENT GENERAL MANAGER

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REPRESENTATIVEOFFICES

Keppel Marine AgenciesInternational, LLCMichael HolcombPRESIDENT DIRECTOR

Keppel Prince Engineering Pte LtdCharles ChiamDIRECTOR

MARINE SERVICES

Asian Lift Pte LtdJohn ChuaGENERAL MANAGER

Keppel Smit Towage Pte LtdPieter Van SteinMANAGING DIRECTOR

Jerry WongGENERAL MANAGER

Keppel Sea Scan Pte LtdGui Eng HweeGENERAL MANAGER

EMPLOYEE UNIONS

Keppel Employees UnionRazali Bin MaulodPRESIDENT

Mohd Yazam Bin MahmoodGENERAL SECRETARY

Keppel FELS Employees UnionVincent Ho Mun ChoongPRESIDENT

Atyyah HassanGENERAL SECRETARY

David Lim Kin WaiEXECUTIVE SECRETARY

Shipbuilding & Marine Engineering

Employees UnionTommy Goh Hock WahPRESIDENT

Eileen Yeo Chor GekGENERAL SECRETARY

Mah Cheong FattEXECUTIVE SECRETARY

ENGINEERINGTECHNOLOGY CENTRES

Keppel Offshore & MarineTechnology Centre Pte LtdMichael ChiaMANAGING DIRECTOR

Dr Foo Kok SengEXECUTIVE DIRECTORShallow Water Technology

Aziz Amirali MerchantEXECUTIVE DIRECTORDeepwater Technology

Charles Foo

DIRECTOR ADVISOR

Charles SimTECHNICAL AND PROJECTSDIRECTORFPSO and Offshore Production

Anis Altaf HussainPROGRAMME DIRECTORDeepwater Technology

Dr Matthew QuahSENIOR PROGRAMMEMANAGEROffshore Structures and Analysis

Offshore Technology DevelopmentPte LtdDr Foo Kok SengEXECUTIVE DIRECTOR

Lim Ah ChengGENERAL MANAGER

Dr Matthew QuahGENERAL MANAGERDesign

Deepwater Technology Group Pte Ltd

Aziz Amirali MerchantEXECUTIVE DIRECTOR

Marine Technology DevelopmentPte LtdAziz Amirali MerchantEXECUTIVE DIRECTOR

Blue Ocean Solutions Pte LtdDr Jerry NgCHIEF EXECUTIVE OFFICER

Bennett Offshore, LLCTommy SamPRESIDENT CHIEF EXECUTIVEOFFICER

FloaTEC, LLCTK DasPRESIDENT

Keppel FELS Baltech LtdLyudmil StoevGENERAL MANAGER

Ivan Petrov PelovSENIOR ENGINEERING MANAGER

Keppel FELS Engineering ShenzhenCo. LtdHo Jong HengGENERAL MANAGER

Keppel FELS Engineering WuhanCo. LtdHo Jong HengGENERAL MANAGER

Keppel Offshore & Marine EngineeringServices Mumbai Pte LtdSyed Ahamed KabeerGENERAL MANAGER

Keppel Singmarine Philippines, IncAu Yeong Kin HoPRESIDENT

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LeveragingInnovation

Innovation is at the heartof everything we do. In ourproduct designs, processesand safety apparatus; inseizing opportunities and

providing solutions to ourcustomers, we are constantlyadapting and innovating tobetter ourselves and meetthe dynamic needs andchallenges of the market.

KEPPEL OFFSHORE & MARINE LTDReport to Stakeholders 2014

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EXPANDINGPROPRIETARY SOLUTIONSWe have over 30 proprietarydesigns that we customise andadapt to suit our customers’requirements. With multipleR&D arms, we collaboratewith industry leadinginstitutions to evolve anddevelop new technologiesand solutions for the market.

ENHANCINGPRODUCTIVITY AND SAFETYOver the years, we havecontinuously leveraged thelatest technologies combinedwith our own innovations andprocess improvements toenhance productivity andsafety. We foster a culture ofinnovation through platformsthat have generated numerousideas adopted by our yardsand translated into signi icantcost and time savings, as well

as good safety performance.

SEIZING GROWTHOPPORTUNITIESBacked by our robust inancialposition and leveraging ourexpertise and innovations, weare able to seize opportunitiesin new adjacencies andplatforms for long-ttermsustainable growth.

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From Singapore to China to Brazil, we have upgraded facilities orinstalled new equipment with greater capabilities to improveoperations and enhance ef iciency. The speci ications of theindividual yards can be found on page 96 of this report. We willcontinue to expand our yard network to where our customers requireus, and will focus on markets which have growth potential and arecommercially viable for us.

Keppel Offshore & Marine’snetwork of yards worldwide arestrategically located to meet theneeds of our customers and bring

our suite of proprietary solutionsinto more markets. By continuouslystrengthening our capabilities,we have the agility to take on awider variety of projects as well asimprove e iciency and safety.

Near Market,

Near Customer

FOUR FLOATING CRANESSUPPORT THE LIFTINGCAPABILITIES OF THEYARDS IN SINGAPORE:

· Asian Hercules III (5000MT)· Asian Hercules II (3200MT)· Asian Hercules (1600MT)· Asian Helping Hand III (400MT)

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TUASJETTY

S E L A

T J U R

O N G S

E L A T

All Keppel yards in Singapore are within a 4km circle

KEPPEL OFFSHORE & MARINE (HQ)KEPPEL FELSKEPPEL SHIPYARDKEPPEL SINGMARINE

KEPPEL OFFSHORE & MARINE LTDReport to Stakeholders 2014

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SINGAPORESingapore is the headquarters of Keppel Offshore& Marine which has seven yards in the countrythat are located within a 4km radius, enabling theyards to harness and share resources easily.

Keppel FELSKeppel FELS leads the industryin the design and building ofhigh performance mobile offshorerigs. Our portfolio of proprietarydesigns and loating productionsolutions meets a broad spectrumof operating requirementsincluding deep waters and harshenvironments. Since 2000, it has

delivered the most number ofjackup rigs and semisubmersiblesin the world.

Capabilities

• Design and construct jackuprigs, semisubmersible rigs,

loating production systemsand other advanced vesselssuch as drillships

• Repair, upgrade and conversionof offshore rigs

• Design and development ofcritical rig equipment

• Fabrication of offshore structuresand rig components

Key equipment& facilities

• Two drydock goliath cranes:700MT and 500MT– The two cranes cover the

fabrication and painting areasall the way to the drydock. Itenables the yard to construct themodules of rigs in larger blocks

which can then be lifted fromthe fabrication area to thedrydock for assembly.

• CAN DO loating dock 138m x 78m• Automated panel line workshop• Automated pipeshop• Development of Pioneer Yard 3

– Strategically located alongthe major sea lane in theSingapore Straits

– Designed to take indeepwater vessels suchas semisubmersiblesand drillships

– Optimised productionprocess with a centralisedintegrated work layout

Keppel FELS hasdelivered more than100 jackup rigsto date.

KEPPEL FELS ADDED A

700MTgantry crane at its pioneer yard

01

Floating CranesAsian Hercules IIIand Asian Hercules IIdoing a combinedlift of a semisubmersibleplatform at Keppel FELS.

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Keppel FELS’pioneer yard.

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01

Keppel Shipyard’sGul Yard.

02

Keppel NantongShipyard andKeppel NantongHeavy Industry.

KEPPEL SINGMARINE HASCONSTRUCTED SOME

400ships of diverse types andsophisticated levels foroperations around the world

Keppel ShipyardBacked by over a century ofexperience, Keppel Shipyard isthe industry’s leading partner forthe repair, conversion and upgradingof a diverse range of vessels.It has delivered over 110FPSO/FSO/FSRU conversions.

Capabilities

• Conversion ofFPSO/FSO/FSRU/FLNGV

• Repair and conversion of a

diverse range and capacity ofvessels such as LNG carriers,livestock carriers, drilling tenders,and derrick lay barges

• Topside engineering, fabricationand integration

• Fabrication, installation andintegration of multiple mooringsolutions such as internal andexternal moorings


• Semi-automated pipeshop• Newly constructed load-out quay in

Benoi Yard to undertake morefabrication work such as modulesand turret construction projects

Keppel SingmarineKeppel Singmarine has a strongtrack record for reliable andversatile newbuild solutions,having constructed some400 ships of diverse typesand sophistication levels foroperations around the world.

Capabilities

• Design and build specialisedvessels such as anchorhandling tug/supply vessels,

platform supply vessels,pipelay vessels, divingsupport vessels, multipurposeconstruction vessels, icebreakers & ice-class supportvessels, cable laying vessels,

loating storage & of loadingvessels, rockdumpingfall pipe vessels, wellstimulation vessels, as wellas harbour and terminal tugs

Key equipment

& facilities• Automated pipeshop

with robotic pro ile cutterand 6-axis robotic welding

• Automated panel line workshop

01

Keppel Shipyard hascompleted morethan 110 FPSO/FSO/FSRU conversion andupgrade projects.

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Keppel NantongShipyard (KNS)has received theIndustrial Excellenceand Safety Excellenceaward by the NantongMunicipal People’sGovernment for iveconsecutive yearssince 2010.

ASIAOur yards in China, the Philippines andIndonesia have been con igured to take onmore complex projects as well as supportour Singapore yards.

CHINAKeppel NantongShipyard (KNS) andKeppel Nantong HeavyIndustry (KHNI)

Keppel Nantong Shipyard (KNS)has received the Industrial Excellenceand Safety Excellence award by theNantong Municipal People’sGovernment for ive consecutive yearssince 2010. As part of ongoing plans toexpand its production capacity to buildbigger offshore support vessels andtake on more offshore projects inChina, Keppel established a new yard,Keppel Nantong Heavy Industry (KHNI),next to the existing shipyard in 2011,

increasing total yard space of KeppelNantong from 190,000sm to430,000sm.

Capabilities

• KNS constructs a wide rangeof vessels and offshore structures

• KNS was the irst shipyard inChina awarded the

highest grade of safetycerti ication from the ChineseState Administration of Work Safety

• Located along the Yangtze River,about 150 km north-west ofShanghai with close proximityto supporting offshore andmarine industries in theMunicipality of Nantong

• KNHI supports Keppel O&M’sconstruction work from China byproducing up to 32,000MT ofsteel structures annually

• KNHI can undertake heavyoffshore fabrication projectsincluding jackup rigs andsemisubmersibles.


• KNS has extensive berths,advanced mechanical transferand launching systems, andcomprehensive workshops

• Shoreline of 1,000m andwharf length of 535m

• KNHI has panel linefabrication workshops anda 600MT gantry crane

• With KNHI’s newly establishedfacilities, a complete upper

hull for a semisubmersiblecan now be built and deliveredin one single megablock

02 KNHI SUPPORTSKEPPEL O&M’SCONSTRUCTION WORKBY PRODUCING UP TO

32,000MTof steel structures annually

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THE PHILIPPINES

Keppel BatangasShipyard

Started in 1975, Keppel Batangasis the irst overseas venture ofthe Keppel Group. Its shipyardat the Keppel Philippines Marine –Special Economic Zone is strategicallylocated along the main tradingroutes of vessels in the region.

Capabilities

• Offshore rig fabrication• Ship repair and conversion• Shipbuilding track record of

more than 100 newbuilds


• Keppel Batangas operates a200m x 38m, 50,000 dwtcapacity handymax graving dock

• The yard is able to accommodate

simultaneous repair projectsusing its shiplift system to bringvessels to any of its seven dry berthswhich are capable of dockingvessels up to 20,000 dwt

• The newly-installed 300Tgantry crane will facilitate theassembly of complete vesselsat Berth 3 & 4

• Modern panel line workshop,hull shop and assembly slabswith 40T gantry cranes andsheds support ef icientshipbuilding activities

• The yards’ four assembly areasare equipped with mobilesheds and gantry cranesallowing for continuousproduction work on newbuildand fabrication projects

Keppel Subic Shipyard

Located in the Subic shipyard -Special Economic Zone,Keppel Subic Shipyard is theleading shipyard in the regionproviding greater lexibilityand turnaround times forship owners.

Capabilities

• Offshore structure/platformfabrication

• Topside module fabrication• Ship repair, marine and

FPSO conversion• Successfully completed Depletion

Compression Platform (DCP) forthe Malampaya Phase 3 Projectof Shell Philippines Exploration. It isthe irst such platform to be fullyconstructed in the Philippines


• Operates a 550m x 65mdrydock, one of the largest inthe Philippines capable ofco-drydockings

• Carries out a wide range ofrepair and modi ication workson a variety of vessels withdrafts over 8.5m alongside theyards’ berthing quays with atotal of 942m length

• Fabrication areas totallingto 94,000m 2 with a 1,500T capacitygantry crane, thebiggest in the Philippines at thegrand assembly area

• Services double-bankedPanamax and Capesizevessels undergoing a loatrepair using its 100m jib cranewith lifting capacity of 35T

INDONESIA

Bintan Offshore

Established in 2006, BintanOffshore is supportingKeppel O&M in moduleblocks fabrication. It has adedicated local Indonesianteam which is able to undertakethe construction of jackuplegwell blocks, semisubmersiblecolumns, pontoons and upperhull blocks, living quarters,crane columns and helidecktrusses amongst other things.

Capabilities

• Fabricates module blocksfor a variety of offshore projects

• Steel structure fabricationand out itting work as wellas piping work, includingfabrication, installationand testing.


• Total yard area of 310,000sm• Wharf length of 270m and

depth 5m• Dry dock with length 102m,

breadth 33m and depth 4.5 m• In-house welding training centre

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AMERICASThe Americas contains some of the world’s largesthydrocarbon reserves and is dominated by NationalOil Companies (NOCs) and oil majors. Keppel O&M’syards in USA (Brownsville, Texas) and Brazil (Rio deJaneiro and Santa Catarina) are strategically located toserve one of the most robust oil and gas marketsin the world.

Keppel AmFELS

Strategically located at the gatewayof the Gulf of Mexico, Keppel AmFELSis the foremost offshore shipyard inthe Gulf of Mexico, backed bya con luence of strengths suchas a sheltered waterfront area, amassive drydock and modern steel-processing plant.

Capabilities

• Yard space of 555,438 sm• Construction, refurbishment,

conversion, life extensionand repair of a complete rangeof mobile drilling rigs andproduction platforms


• Floating dry dock with a liftcapacity of 37,000 dwt

• Manitowoc 21000 crane capableof lifting 1,000 short tonnes andwith a maximum reach of 640 ft

• Floating crane, Atlantic Giant,has a lifting capacity of 700short tonnes.

Keppel FELSBrasil/BrasFELS

The largest and best-equipped yard inLatin America, BrasFELS plays a keyrole in helping to meet Brazil’saspirations for greater local content.

Capabilities

• Yard space of 522,230sm• Construction, refurbishment,

conversion, life extension and repairof a complete range of mobiledrilling rigs and production platforms


• Newly installed Goliath gantry cranewith 2,000MT lifting capacity hasbeen supporting the installationof megablocks and modules,including the installation of amegablock weighing 1,932MTfor a DSS TM 38E semisubmersible

• FS 1 loating dock (130m x 71m)• Gantry crane with 660MT

lifting capacity• Assembly area with movable sheds

• 720m of berthing space integratedwith customs clearance facilities

Keppel Singmarine Brasil

Located in Navegantes, Santa Catarina,Keppel Singmarine Brasil complementsBrasFELS yard in offering a one-stopsolution for customised vessels withlocal content.

Capabilities

• Construction of specialised shipsranging from anchor handling tug/supply vessels to platform supplyvessels, oil recovery support vesselsand harbour tugs, among others

• Fabrication of offshore modules


• 300m long waterfront area• CNC plasma steel cutting

facilities with a 128m panel

line fabrication shop• Slipway with 120MT gantry crane• 220m sheltered hull

fabrication shop• Pipe shop with CNC pipe

bending machine• Semi-auto recovery blasting chamber

02

01

Keppel SubicShipyard.

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BrasFELS yard inAngra dos Reis,Rio de Janeiro.

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EUROPE

Keppel Verolme

Keppel Verolme operates acomprehensive yard in Rotterdam,the Netherlands, which is in closeproximity to the gas and oil ields ofthe Netherlands, UK, and Norway, andhas direct access to the North Sea.

Capabilities

• Dry-docking, repair andmaintenance, modi ication,conversion and constructionof various vessel types andoffshore units

• Support European offshore windenergy sector with value-addedservices and solutions


• Three graving drydocks with thelargest drydock measuring 405mx 90m, with water depth of 11.6m

• 2,000m of quay side with a waterdepth of up to 12m

CASPIAN SEAThe Caspian Sea region is one of the oldestoil-producing areas in the world and is anincreasingly important source of global energyproduction. The area has signi icant oil andnatural gas reserves from offshore deposits.Azerbaijan is projected to account for increasedlevels of Capex over the next ive years, derivedmainly from the development of BP’s ShahDeniz project.

Caspian ShipyardCompany

Caspian Shipyard Company (CSC)in Azerbaijan is the irst internationalrig construction, repair and conversionyard in the Caspian Sea regionservicing the offshore oil and gasindustry. It has a track record ofdelivering the irst semisubmersible,jackup rig and ice-class FloatingStorage and Of loading (FSO)vessel built in-country.

Capabilities

• Offshore rig construction,repair and conversion

• Able to support in the completionof rigs going to the Black Sea


• Quay berthing space: 250m• Reinforced load-out quay area:

3,700m 2 (80t/m 2)• Workshop: structure, piping,

electrical, mechanical• Material handling equipment

Baku Shipyard

Baku Shipyard adds to Keppel’sexisting footprint in Azerbaijan.Responsible for the management ofthe yard, Keppel O&M has a 10%ownership while SOCAR and AICowns 65% and 25% respectively.

01

Capabilities

• Construction of a widerange of specialised vesselsand merchant ships includingsubsea vessels, anchor handling

tug/supply vessels and multi-purpose offshore support vessels• Ship repair and conversion• Able to undertake offshore structure

construction and repairs• When operating at full capacity,

it is able to undertake up to100 repairs and conversionsper annum and is estimated toachieve an average annual steeloutput of 25,000MT


• Floating dry dock 168m x 50m• 300m x 30m inger pier• 450m of quay berthing space

with 25MT level luf ing crane• 275m x 80m of new building berth• 323m x 136m transfer slab for

repair services• Blasting and painting hall

equipped with full abrasiverecovery system, dehumidi ier,silo and blast and paint machines

• Steel fabrication, pipe

fabrication, mechanicaland electrical workshop housingthe most modern machines

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CLIENT TO PROVIDE CAPTION

MIDDLE EASTThe Gulf holds some of the world’s largest oil andgas reserves, and is home to the biggest offshore oiland gas ields. It provides one of the best offshoreenvironments in the world for oil and gas production,offering shallow, warm and relatively calm waters.

Nakilat-Keppel O&M

Nakilat-Keppel O&M (N KOM)is a 508,000sm world-classshipyard facility located at thenorth-eastern tip of Qatar,next to the gas loadingterminals in the Ras Laffan Port.In operation since 2011, theshipyard has delivered morethan 350 marine and offshoreprojects. It is the leading providerof repairs and maintenancefor gas carriers in the region,having completed more than

100 LNG carrier repairs.

Capabilities

• Ship repair and conversion• Construction and maintenance

of offshore structures (jackup rigs,liftboats, jackets & piles, etc.)

• Provider of green shipping &gas-related marine solutions(e.g. BWTS installations, ME GIconversion, etc.)

• Leading provider of repairs andmaintenance for gas carriers


• Two VLCC-sized graving docks(400m x 80m and 360m x 66m),

• Q-max loating dock (405m x 66m)• Six quays and piers with a total

berthage capacity of 3km• 150m loading quay, workshops

and a massive warehouse• Cryogenic clean room• Over 300,000sm of fabrication area• Dedicated facility (200m loating jetty

& dry berth) for small vessel repairs• 300MT and 1,100MT mobile

boat hoists

02

Arab Heavy Industries

Strategically located along the coastof the Emirate of Ajman, about 30 kmfrom Dubai, Arab Heavy Industries(AHI) has built a reputation for beingthe preferred solutions partner for

leet owners and operators in theArabian Gulf.

Capabilities

• Ship repair and conversion,shipbuilding, as well as offshorestructures repairs and modi ications

• Newbuilding of tugboats, supplyvessels, barges, landing craft, coastalfreighters, jetties and pontoons


• Yard area of 270,000sm• 9,000sm covered workshop• 75,000sm open fabrication area

01

Keppel Verolmein the Netherlands.

02

N KOM yardin Qatar.

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STRONG ORDERBOOKBacked by proven operationalcapabilities and extensiveexperience in a wide spectrumof offshore and marine projects,Keppel Offshore & Marine(Keppel O&M) remains thechoice global partner fornewbuilding, conversion, repairand upgrading services forowners and operators in 2014.

The group continued to stayahead in the industry, deliveringdifferentiated and value-addingsolutions to a diversi iedcustomer base. During theyear, Keppel O&M’s worldwideyards delivered seven rigs,seven Floating ProductionStorage and Of loading (FPSO)conversion/upgrading projectsand nine major specialisedvessels with Keppel’s hallmarkexecution excellence. Thedelivery of the world’s largestjackup, Maersk Interceptor,to Maersk Drilling ahead ofschedule and on budget atteststo that excellence and furtherstrengthens Keppel FELS sterlingrigbuilding track record.

In 2014, Keppel O&M wasentrusted with $5.5 billionworth of new orders, bringingits net orderbook as at year endto $12.5 billion, with deliveries

extending to 2019.

Some of these new ordersmarked signi icant milestonesfor Keppel O&M as the groupcontinues to develop newsolutions, such as the world’s

irst-of-its-type FloatingLiquefaction Vessel (FLNGV)conversion for Golar LNG andthe irst KFELS N Plus classjackup design for TS Offshore.

Baku Shipyard, whichKeppel O&M has a 10% stakein, secured its irst majornewbuild contract – a subseaconstruction vessel – from BPExploration (Shah Deniz).

STRENGTHENINGGLOBAL FOOTPRINTAs part of its Near Market,Near Customer strategy,

Keppel O&M has continued tolook for opportunities toexpand its global footprintduring the year. In April,Keppel O&M signed aconditional 30-yearmanagement servicesagreement with TitanPetrochemicals Group (Titan)to manage the Titan QuanzhouShipyard (TQS) in FujianProvince, China. Having thisTQS yard will enable KeppelO&M to service the Chinesemarket with its suite ofproprietary solutions whilemeeting the requirementof building in-country.

Apart from seekingopportunities to expandits global network of yards,Keppel O&M is focused onensuring that all existingyards continue to performwell. Amidst a challengingmacro environment in 2014,

Keppel O&M’s yardscontinued to invest judiciouslyto enhance their capabilitiesand upgrade their facilitiesfor higher productivity andcompetitiveness. This enablesKeppel O&M’s strategicallylocated yards around theworld to stay well-equippedto better meet evolvingmarket needs and seize growthopportunities in the industry.

We continue tostrengthen ouroperations whiletapping into newmarkets andinnovating newsolutions for theindustry.

SIGNIFICANTMILESTONESIN 2014Secured order for ultra-highspeci ication KFELS N Plusjackup design.

Delivered two of theworld’s largest jackups.

Signed agreement onengineering study of aPlug & Abandonment jackup.

Secured two contractsto perform the world’s

irst-of-its-type loatingLNG vessel conversions.

Secured contracts to buildthree ice-class vessels.

Secured two FPSOconversion contractsand completed sevenFPSO conversion/upgrading projects.

Expanded into new marketwith a liftboat order.

Secured irst major newbuild contract in Baku.

Delivered nine majorspecialised vessels.

Secured orders for sixKFELS B Class jackups.

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MAJOR ORDERS SECURED BY KEPPEL O&M IN 2014

Business Unit Contract Customer

QKeppel FELS KFELS B Class jackup UMW Oil & GasKeppel FELS Three KFELS B Class jackups Fecon International Corp.Keppel FELS KFELS N Plus jackup TS OffshoreKeppel Shipyard Turret fabrication for FPSO SOFECKeppel Singmarine Two ice-class supply vessels and

one ice-class multi-purpose duty-rescue vessel

Bumi Armada Berhad

Keppel Nantong Two tugs KSP Towage

QKeppel Shipyard FPSO conversion Bumi Armada BerhadKeppel Shipyard FLNGV conversion Golar LNGBaku Shipyard Subsea construction vessel BP Exploration

QKeppel FELS KFELS B Class jackup Gulf Drilling InternationalKeppel Shipyard FPSO conversion and turret

fabrication & installationBumi Armada Berhad

N KOM Liftboat Gulf Drilling International

QKeppel FELS KFELS Super B Class BOTLKeppel FELS Two semisubmersibles Undisclosed

Keppel Shipyard FLNGV conversion Golar LNGKeppel AmFELS Land drilling rig UndisclosedKeppel Nantong Submersible barge Smit Shipping Singapore

01

Keppel FELSdelivered the irst twoof the series of ultra-harsh environment

jackup rigs, MaerskIntrepid and MaerskInterceptor, toMaersk Drillingduring the year.

01

SINGAPORE CENTREOF EXCELLENCEIn 2014, Keppel O&M’s Singaporeyards – Keppel FELS, KeppelShipyard and Keppel Singmarine –continued to be centres ofexcellence, leading in the designand provision of high performancesolutions for customers worldwide.During the year, the Singaporeyards also stepped up efforts toimprove its safety performance

and renewed its focus on peopledevelopment, innovation andcommunity contributions.

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new and proven designs. Thecompany secured a contract fromTS Offshore to build a harshenvironment jackup rig of thenew KFELS N Plus class design,which can meet stringent operatingrequirements for some of the mostchallenging wells in the world. KeppelFELS also won contracts from a newcustomer, Fecon International, to build

three proven and high-performanceKFELS B Class jackups. Repeatcustomers which placed jackuporders with Keppel FELS in 2014include UMW Oil & Gas and GulfDrilling International.

In 2014, Keppel FELS continuedto improve its facilities withthe installation of a new gantrycrane that has a 700-tonne liftingcapacity at its Pioneer Yard. Thisenables the yard to construct rigmodules in larger blocks which canbe lifted easily from the fabricationarea to the drydock for assembly,expediting the rig building process

KEPPEL FELS2014 was overall a good yearfor Keppel FELS, the Singapore-based rigbuilding arm of KeppelO&M. Keppel FELS completedsix rigs either on time or ahead ofschedule for drilling contractorsMaersk Drilling, ENSCO, UMW Oil& Gas, Gulf Drilling Internationaland Star Drilling. Among these

deliveries were the two mammothXL enhanced jackup rigs for MaerskDrilling, which are the largest jackuprigs in the world to be built. The rigs aredeployed on long-term contracts inoffshore Norway for Total and Detnorske oljeselskap ASA.

Keppel FELS also delivered 15repair and upgrading projectsto longstanding customers suchas Diamond Offshore, ENSCO,Transocean, Seadrill, JapanDrilling and COSL, among others.

In new orders, Keppel FELS won thecon idence of the market for both its

01

01

Keppel FELSsuccessfullydelivered its secondKFELS B Class jackupto UMW Oil & Gasahead of scheduleand without lost-timeincidents.

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The robust KFELS N

Plus jackup design isan enhancement ofKeppel’s proprietaryKFELS N Classdesign, three ofwhich are alreadyin operation.

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while also increasing productivityand cost ef iciency.

Apart from productivity, Keppel FELSalso maintained its focus and vigilanceon safety when executing its projects,which led to it garnering a total of 18awards at the 2014 Safety & HealthAward Recognition for Projects (SHARP)organised by Singapore’s Work Safety &Health (WSH) Council.

For its record deliveries of 21 rigs in2013, Keppel FELS was conferred the

title of “Largest Manufacturer ofOffshore Rigs – Current” by theGuinness World Records. KEPPEL SHIPYARDIn 2014, Keppel Shipyard maintainedits position as a leader in the repair,conversion and upgrading of a widerange of vessels. As at end 2014, thecompany continues to be busy withongoing projects that include six FPSO/FLNGV projects; ive turret fabricationprojects and two mobile offshoreproduction unit projects.

During the year, Keppel Shipyardrepaired 418 vessels, which was a 9%increase compared to 2013. Tankers,gas carriers, drilling vessels andoffshore supply vessels were the maincontributors to Keppel Shipyard’s repairbusiness in 2014. During the year, thecompany secured a number of newrepair businesses and renewedagreements with longstandingcustomers. New leet repair agreementswere signed with Delta Tankers and

Koyo Kaiun, while NYK, JX Ocean, andMcDermott International renewed theiragreements with Keppel Shipyard. Thecompany also signed new drydockingagreements with CGG Group and MISC.

Since 2006, Keppel Shipyard hasdelivered, on average, seven FPSO/Floating Storage and Of loading (FSO)/Floating Storage and Regasi ication Unit(FSRU) conversion projects a year. In 2014,the company maintained this track recordby completing six FPSO conversion/upgrading projects. This brings the totalnumber of FPSO/FSO/FSRU projectswhich Keppel Shipyard has deliveredto 116 as at the end of 2014.

REACHING NEW DEPTHS

Keppel FELS secured a contract from TS Offshore Limited(TS Offshore) to construct an ultra-high speci ication jackuprig, one of the irst with the ability to work in 500-feet deepwater depths. Scheduled for delivery in 1Q 2017, it will bethe irst jackup built to Keppel’s new proprietary KFELS NPlus design.

With each of its legs measuring 678 feet or about 68 storeystall, and a maximum combined drilling load of 3,860kips, the KFELS N Plus is able to meet stringent operatingrequirements for the most challenging wells. It can work at amaximum water depth of 500 feet, drill to depths of 35,000feet, and is equipped with a 100-feet cantilever outreach.

Dr Xiong Shaohui, Chairman of TS Offshore, said, “TheKFELS N Plus rig is one of the world’s most advanced rigs ofits class with better drilling capabilities, a superior cantileverload performance, a larger deck space, a higher variableload and enhanced accommodations. We are con ident it

ills the gap for ultra-high speci ication rigs needed in theEastern China Sea or anywhere else in the world.”

Developed by Offshore Technology Development (OTD),Keppel’s research and development arm, the robust KFELS

N Plus jackup is an enhancement of Keppel’s proprietaryKFELS N Class design, three of which have been successfullyoperating in the North Sea.

When completed, this irst KFELS N Plus class jackup will bedeployed by Xcite Energy to work in the Bentley ield in theUK sector of the North Sea.

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A signi icant development forKeppel Shipyard in 2014 wasthe securing of a irm contractto convert the world’s irst-of-its-typeFLNGV for Golar LNG. The FLNGVproject is the fruition of a year-longFront-End Engineering and Designstudy which concluded in 2013.Six months after the irst FLNGV

conversion contract was inked,Golar LNG exercised the irst oftwo options for an identical unitat the end of 2014.

To improve work low andenhance the safety andproductivity of its yards, KeppelShipyard extended and deepenedits quays in Benoi Yard in 2014.Its commitment to executionand safety excellence wasrecognised when the shipyardgarnered a number of awards in2014, which include the Shipbuildingand Repair Yard award conferred bySeatrade Asia; nine SHARP Awards by

the Singapore WSH Council; and twoGold awards for safety innovationby the Singapore WSH Counciland the Association of SingaporeMarine Industries.

KEPPEL SINGMARINEIn 2014, Keppel Singmarinesuccessfully delivered two

projects, Fly Challenger,the third bulk carrier in a seriesof vessels built for Ok TediMining, and Bhagwan Dryden,a catamaran air dive supportvessel (DSV) for Bhagwan Marine.Both vessels were deliveredwith a perfect safety record.A derrick pipe-laying vessel thatKeppel Singmarine is buildingfor McDermott was also launchedsafely at the end of 2014.

For new orders, Keppel Singmarinehad a rewarding year. The newcontracts which the companysecured in 2014 include an order

01

01

Keppel Shipyard andlongstanding customerBumi Armada celebratetheir tenth successfulcollaboration.

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Keppel Singmarinesecured a contract froma subsidiary of MaritimeConstruction Servicesto build an ice-classmultipurpose vessel.

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from repeat customer, SeawaysInternational, to build a 100-tonnebollard pull anchor handlingtug (AHT) vessel and a contractfor hull construction andout itting works for a subseaconstruction vessel from KeppelO&M’s joint venture yard, BakuShipyard, in Azerbaijan.

Keppel Singmarine continuedto strengthen its track record inbuilding ice-class vessels when itsecured contracts for two ice-class

supply vessels and an ice-classmultipurpose duty-rescue vesselfrom Bumi Armada, and a contractto build an ice-class multipurposevessel for New Orient Marine,a subsidiary of MaritimeConstruction Services.

During the year, Keppel Singmarineidenti ied several opportunitiesfor growth and expanded its suiteof technology solutions to meetthe demands of the specialisedshipbuilding market. For instance,the company made its foray into

the growing liftboat marketwhen it was awarded a contractto provide detail and productionengineering, technical andcommissioning support, projectmanagement and procurementsupport for the construction ofa liftboat.

To uphold high operationalstandards, Keppel Singmarinecontinued to invest in automatedequipment to boost productivityand maintain quality, such as an

integrated panel and assemblyline which enable its yard toproduce panels as well as doublehull blocks more ef iciently.

Keppel Singmarine alsocontinued to achieve safetyexcellence and accolades duringthe year. In recognition of itscommitment to safety and forconsistently delivering vesselswith zero lost-time incidents (LTI),Keppel Singmarine was conferredmultiple WSH Awards, includingsix SHARP Awards in 2014.

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GROWING SATELLITE YARDSThe record delivery of 21 rigs byKeppel FELS in 2013 is testamentto the strong execution capabilityof the rigbuilding unit as well asits ability to leverage overseassatellite yards to overcome thelimitations of physical space andmanpower in Singapore. KeppelO&M continues to enhance anddevelop these satellite yards inChina, Indonesia and the Philippinesso that they can better complementSingapore’s operations on top of

tapping local demand and talents.

KEPPEL NANTONG SHIPYARDIn 2014, Keppel Nantong Shipyarddelivered a number of projectsahead of schedule. These projectsinclude two units of 50-tonne bollardpull ASD tugs to KSP Towage Sdn.Bhd., and Giant 5, a submersiblebarge, to Smit Shipping Singapore(Smit Shipping). Following the deliveryof Giant 5, its sister vessel, Giant 6,was delivered shortly after inJanuary 2015. Keppel Nantong

Shipyard received a safety bonusfor all these projects. The shipyardalso received Smit Shipping’srepeat order for a third submersiblebarge in 2014.

Other projects under constructionduring the year are two unitsof ice-class supply vessels forBumi Armada and two units of65-tonne Bollard Pull ASD tugs forother customers. In February 2015,it also completed Asian Hercules III,a 5000-tonne Offshore Heavy Lift

Vessel for Asian Lift.

Besides being a robust builderof tugs and offshore supportvessels such as Anchor HandlingTug/Supply, Keppel NantongShipyard is also an importantsatellite yard for the Singaporehome base. To augment itscapabilities, Keppel NantongShipyard will be constructinga new slipway in 2015, allowing itto launch and service larger andheavier offshore vessels.

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Keppel NantongShipyard deliveredtwo submersiblebarges to SmitShipping Singaporeconsecutively withexcellent safetyrecords and aheadof schedule.

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Keppel FELS receivedthe Guinness WorldRecord for delivering21 rigs in 2013 – themost by a yard in asingle year.

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On the safety front, KeppelNantong Shipyard madesigni icant advancements in2014, such as becoming the

irst shipyard in Nantong,China, to set up a trainingcentre that focuses on safety.Located within the shipyard, thetraining centre provides safety

courses to all yard workers,including those employed byits subcontractors.

Recognising Keppel NantongShipyard’s efforts and achievementsmade in safety, the ChineseState Administration of WorkSafety issued the shipyardthe “National Level-OneStandardisation on Safe WorkPractices” certi ication. This isthe highest level of certi icationissued to companies foroutstanding safety practicesby the Chinese Central Government.Keppel Nantong Shipyard is the

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irst Chinese shipyard to beawarded this certi ication.

KEPPEL NANTONGHEAVY INDUSTRYLocated next to Keppel NantongShipyard, Keppel Nantong HeavyIndustry (KHNI) supports KeppelO&M in its offshore projects. KHNI is

equipped with a full range of facilitiessuch as blasting/painting workshopsand mobile workshops. Since itscommencement of operations inend-2013, KHNI has successfullycompleted two load-out operationsfrom its public jetty in January 2014,and made its irst delivery toKeppel FELS – 13 blocks ofcompleted pontoons and spud cansfor a loating accommodation platformand a jackup rig – in January 2015.

Total steel fabrication output inKHNI reached a commendable32,000 tonnes in its irst yearof operation.

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KEPPEL PHILIPPINES MARINEDespite a challenging year in 2014,the two shipyards under KeppelPhilippines Marine, Inc. (KPMI) –Keppel Batangas Shipyard (KeppelBatangas) and Keppel Subic Shipyard(Keppel Subic) – leveraged the closebusiness relationships forged over theyears of operating in the Philippinesto secure a healthy pipeline of repairprojects, some of which are fromnew customers with foreign vessels.The two shipyards completed repairprojects for 98 vessels, which is

comparable to the year before.

During the year, Keppel Subic alsodelivered a coal transshipper cranebarge, Ratu Giok 5, within budgetand with a good safety record toIndonesian customer PT PelayaranKartika Samudra Adijaya (KSA).This is the irst loating barge tobe built in Subic for KSA that receivedcerti ication from RINA Services, awidely recognised ship classi icationservice provider.

For new orders, Keppel Batangashad actively pursued agreementsfor leet drydocking with majordomestic shipping operators, whichwould be a source of sustainablerevenue and help to maximise theutilisation of dock space. As theArmed Forces of the Philippinesembarks on its vessel acquisitionprogramme for the Philippine Navy,Keppel Batangas will also activelytap the opportunities arising fromthis development.

Apart from marine projects, both yardshave also been busy with offshorestructures construction work. Duringthe year, Keppel Batangas supportedthe construction of Keppel FELS’ semifor Sete Brasil with hull fabricationwork. Amidst the active work pace, theyard commemorated its safetymilestone of 10 million safe man-hourswithout any LTI since 1 June 2013.

Similarly, Keppel Subic madesigni icant progress in its offshoreproject. The Malampaya Phase 3 (MP3)Depletion Compression Platform (DCP)that the shipyard was contracted by

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Shell Philippines Exploration (SPEX)to build achieved over eight millionsafe man-hours without LTI duringthe year. With the successful deliveryof the DCP in February 2015, KeppelSubic will capitalise on its upgradedyard facilities made in conjunctionwith the project to take on moremajor offshore fabrication jobs andalso complement Keppel Shipyardin Singapore in executing FPSOconversion projects.

Keppel Batangas is also enhancing

its capabilities to take on offshoresupport vessel projects by upgradingits facilities. The yard is convertinga berth into an assembly area withmobile sheds, and installing a newgantry crane with a 300-tonnelifting capacity and a jib cranewith a 50-tonne lifting capacity.

DEEPENING ROOTSIN THE AMERICASOperating BrasFELS in Brazilsince 2000 and Keppel AmFELSin the US since 1990, Keppel O&Mhas continued to deepen itspresence and leading position inthe industry in the Americas with

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these two established yards.Well-positioned to tap localdemand, Keppel O&M’s Americasyards were kept bustling withactivities during the year.

KEPPEL FELS BRASIL BRASFELSKeppel FELS Brasil’s yard inAngra dos Reis (Rio de Janeiro),BrasFELS, was kept busy withnewbuild and repair projects in2014. Some of these repair projectswere secured

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