Keppel O&M secures $97 m offshore substation contract
Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiary Keppel FELS Limited (Keppel FELS), has secured a contract from an international renewable energy company for the construction of an offshore substation (OSS) worth approximately S$130 million (or $97.5 million in current exchange rate), according to the company's release.
Keppel O&M’s work scope comprises the engineering, procurement, construction, testing and commissioning for the complete substation. The OSS will have a capacity of 600 MW and is scheduled to be completed during 2025. When completed, the OSS will be deployed in an offshore wind site in the Asia Pacific region.
Keppel O&M is strengthening its foothold across the value chain of offshore renewables. It is currently building a HVDC converter station for offshore wind farms in the German sector of the North Sea, two OSSs for an offshore wind farm, as well as the first wind turbine installation vessel in the United States. In 2021, it delivered two OSS projects, which are now operational in Taiwan.
The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the financial year of 2022.
Keppel Offshore & Marine (Keppel O&M) is one of the world leaders in providing total solutions to the offshore, marine and energy industries. Bolstered by a global network of yards and offices, it has extensive know-how across a wide range of capabilities – design & engineering, new builds, conversions & repairs, and support services.
