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Keppel Offshore & Marine expects 2007 revenue of S$7bn

Keppel Offshore & Marine expects 2007 revenue of S$7bn

Singapore: Singapore's Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned unit of industrial conglomerate Keppel Corp, expects to post revenue of about 7 billion Singapore dollars this year compared to 5.7 billion dollars in 2006, said Choo Chiau Beng, Keppel O&M chairman and chief executive.
For the nine months to September, the rig and ship builder posted revenue of 5.05 billion dollars.
Keppel O&M is sitting on a record order book of 13 billion Singapore dollars given the robust oil and gas industry.
It has secured 7 billion dollars worth of new orders year-to-date and is likely to exceed the 7.3 billion dollars worth of new orders secured in the whole of 2006, the company said.
To keep up with the pouring orders, it will expand its yard facilities in locations including Singapore, the Philippines and Nantong, China, said Choo.
'We are investing next year over 200 million Singapore dollars,' he said at the sidelines of the unveiling of Keppel O&M's new technology center in Singapore on the company's fifth anniversary.
The company will invest 150 million dollars to boost its R&D activities including in rig and vessel design, as well as in subsea and subsurface equipment over the next five years.
Choo said there will be more investment in the industry as demand for energy grows, and as supply does not match up.
Keppel O&M is a significant contributor to Keppel Corp's earnings, making up over 60 percent of the conglomerate's net profit last year.
Last night more than 400 attended Keppel O&M's fifth anniversary bash at the Ancient Civilisations Museum. [04/12/07]

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