Singapore's Keppel secures $299 million contracts from Brazil

SINGAPORE: Singapore rig-builder Keppel Corp said on Sunday its unit, Keppel FELS Brazil, secured two contracts with a total value of 500 million Brazilian real ($299.2 million). 

Keppel Corp, the world's largest rig-builder, said in a statement to the Singapore Exchange that the contracts came from Single Buoy Moorings Inc. (SBM), and a joint venture company of MODEC and Toyo Offshore Production Systems (MTOPS).  

Keppel said the construction of the modules for Floating Production Storage and Offloading vessels for both clients are expected to begin in the first quarter of 2011 and to be completed by the end of 2012

The company said these contracts are not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.