Keppel to convert Settebello

Keppel Shipyard in Singapore has entered into an agreement with Charter Development Limited Liability Company (CDC), a special purpose company of ABN Amro Bank?s Brazilian unit, for the hull conversion of a Floating Production Unit (FPU) for $174 million.

Work includes marine conversion as well as the fabrication and integration of the internal turret on the 322,446DWT VLCC, Settebello. When completed, the turret, with 75 risers, will be the largest turret ever fabricated and installed in the world. To be named PETROBRAS 53 (P-53), the production unit will be completed in end 2006.

The facility will then be towed to a CDC topside contractor yard in Brazil for installation and integration of the topside modules. Petrobras will then charter the P-53 from CDC for the Marlim Leste field in the Campos Basin.

To be installed at 1,080 metres water depth, P-53?s capacity will include processing up to 180,000 bopd (barrels of oil per day), a gas compression capability of 6 million cubic metre of per day and a water injection capability of 39,0000 cubic metre per day.

To date, Keppel has successfully completed 51 FPSO and FSO conversion projects and has also undertaken several significant offshore projects, directly and indirectly, for Petrobras. These projects account for more than 600,000 bopd, or a third of Petrobras? current oil production. Its latest completion, the successful conversion and redelivery of the FPSO P-48 by Keppel FELS Brazil, formerly FELS Setal, earlier this year has raised Petrobras? average daily production to 1,819,000 bopd.

Currently, the group is building Petrobras? P-51 and P-52 production platforms through a consortium comprising Keppel FELS Brazil, Keppel FELS and Technip Coflexip.