January 2008 - Keppel Corporation
January 2008 - Keppel Corporation
January 2008 - Keppel Corporation
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eppel<br />
JANUARY <strong>2008</strong><br />
www.kepcorp.com/ekeppelite<br />
<strong>Keppel</strong> Group Newsletter<br />
<strong>Keppel</strong>ite<br />
Bonus awarded for<br />
<strong>2008</strong>’s first delivery 6<br />
Breaking new ground<br />
at Reflections at<br />
<strong>Keppel</strong> Bay 16<br />
Clippers in<br />
Singapore! 22<br />
President Nathan opens<br />
<strong>Keppel</strong> Bay Bridge<br />
MICA(P) NO. 047/11/2007<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
18 22<br />
30<br />
Contents<br />
BUSINESS<br />
K-REIT Asia achieves consistent growth 4<br />
Double strikes – twice! 5<br />
Bonus awarded for timely delivery of first project 6<br />
Splashing start for Asia’s first Ice-breakers 7<br />
Colour the future green 8<br />
More than just good governance<br />
Lessons on taking it global 9<br />
Evergro to realise full potential of Tianjin projects 10<br />
Developing skills for the industry 11<br />
Visits to <strong>Keppel</strong>’s yards<br />
TEAM<br />
No one walks alone at <strong>Keppel</strong> O&M 12<br />
Chairman Lim appointed Presidential Adviser 13<br />
Brunei Energy Minister visits <strong>Keppel</strong><br />
Special Focus<br />
<strong>Keppel</strong> Bay transformed 16<br />
Clippers return to <strong>Keppel</strong> Bay 22<br />
Goodbye 2007, Hello <strong>2008</strong>! 28<br />
Vigilance put to the test 30<br />
PEOPLE<br />
<strong>Keppel</strong>ites Abroad<br />
Fresh start in Tianjin 32<br />
COMMUNITY<br />
Rewarding excellence 33<br />
<strong>Keppel</strong>ites’ tour of duty<br />
All eyes on health 34<br />
<strong>Keppel</strong> Volunteers<br />
Greenhorns to green fingers 35<br />
BACK PAGE<br />
Second drillship awarded to <strong>Keppel</strong> by 36<br />
repeat customer<br />
Insuring opportunities 14<br />
Learning from the region 15<br />
eppel<br />
Published for people in the <strong>Keppel</strong> Group by the Group Corporate Communications Division, <strong>Keppel</strong> <strong>Corporation</strong> Limited, 1 HarbourFront Ave, #18-01 <strong>Keppel</strong> Bay Tower,<br />
Singapore 098632. Printed by Image Printers Pte Ltd, Blk 1002, Redhill Industrial Estate, Jalan Bukit Merah, #03-12, Singapore 159456.<br />
Editorial Advisor<br />
Wang Look Fung<br />
Editor<br />
Ivana Chua<br />
Editorial Committee<br />
Andrew Ong, Ang Lai Lee, Catherine Tan, Chen Xi, Cheryl Tang, Chung Xin Lei, David Loh, Diana Chan, Donald Sng, Gayathri Prakash Nair, Geraldine Lai, Grace Chia, Irene Lee,<br />
Jacquelyn Wong, Jeanette Pang, Joey Ho, Lee Yin Chiin, Lynette Goh, Mak Chui Ling, Mohd Nor Nordin, Phang Weng Onn, Rebecca Ng, Roy Tan, Sarah Seah, Serena Toh,<br />
Tan Siyi, Teri Liew , Woon Pek Yong<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong><br />
CO REG NO: 196800351N
Editorial<br />
Turning vision to reality<br />
They could only imagine the waterfront<br />
lifestyle promised as they put their money down<br />
for homes marked out on blue prints. But their<br />
confidence was anchored on the <strong>Keppel</strong> brand and<br />
vision for a world-class waterfront precinct.<br />
Today, homeowners of Caribbean at <strong>Keppel</strong> Bay<br />
enjoy open vistas not only to spectacular views of<br />
the Marina and surrounds but also to a new<br />
waterfront lifestyle right at their doorsteps.<br />
We see the same confidence in <strong>Keppel</strong><br />
demonstrated by home buyers of Reflections at<br />
<strong>Keppel</strong> Bay with some 620 units launched<br />
successfully taken up.<br />
Bit by bit, the pieces of the jigsaw that is <strong>Keppel</strong><br />
Bay are quickly moving into place. The commitment<br />
to distinguish this <strong>Keppel</strong> flagship development,<br />
from management down to teams and individuals<br />
working on different components at <strong>Keppel</strong> Bay<br />
these few years, has been unwavering.<br />
to the world-class quality that is to define <strong>Keppel</strong><br />
Bay.<br />
For the success of <strong>Keppel</strong> Bay, it takes the collective<br />
will and effort of the whole Group. Indeed, <strong>Keppel</strong><br />
Bay has demonstrated our synergy and strengths.<br />
We leverage networks, create cross-selling<br />
opportunities, uphold quality standards and<br />
execute with excellence a world-class product.<br />
Not surprisingly, our vision for <strong>Keppel</strong> Bay has also<br />
attracted fine names and brands to come alongside<br />
to lend their signature for a premier waterfront<br />
lifestyle experience.<br />
For <strong>Keppel</strong>, it does not stop at delivery. Even after<br />
we had handed over the keys to the home owners<br />
of Caribbean at <strong>Keppel</strong> Bay, we carry on the work<br />
of adding value to <strong>Keppel</strong> Bay. This value creation<br />
process has to be continuous as there can be no<br />
compromise on quality until we turn vision to<br />
reality.<br />
This is, after all, the <strong>Keppel</strong> showcase of excellence.<br />
It is the model of <strong>Keppel</strong>’s capability in developing<br />
premium quality homes and creating value to<br />
enhance lifestyles of its home owners, whether<br />
here or around the world.<br />
In a few short years, the southern waterfront will<br />
be one of Singapore’s most vibrant hubs for living<br />
and leisure. And <strong>Keppel</strong>ites can be very proud that<br />
<strong>Keppel</strong> Bay is the shining beacon that beckons the<br />
world to our nation.<br />
The transformation of an old shipyard into one of<br />
Singapore’s most valuable prime real estates takes<br />
a steadfast vision of the big picture as well as<br />
pinpoint focus into every detail which contributes<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
4 Business<br />
K-REIT Asia achieves consistent growth<br />
At its inaugural full year results conference on 23 <strong>January</strong> <strong>2008</strong>, K-REIT<br />
management announced a robust performance to press and analysts.<br />
For the full year 2007, K-REIT<br />
Asia achieved a distributable<br />
income of $21.8 million, up<br />
42.5% from the same period<br />
in 2007.<br />
Net property income grew by<br />
19.6% year-on-year to reach<br />
$28.3 million. The increase<br />
was mainly driven by higher<br />
gross rental income from<br />
K-REIT Asia’s properties<br />
on the back of higher<br />
occupancy and rental rates.<br />
FY2007 gross rental income<br />
was higher by 19% at<br />
$39.1 million, compared to<br />
that for FY2006.<br />
K-REIT Asia’s one-third share<br />
of maiden contributions<br />
derived from its newly<br />
acquired asset, One Raffles<br />
Quay (ORQ), amounted<br />
to $2.8 million which<br />
contributed to growth in<br />
distributable income.<br />
Distribution per unit (DPU)<br />
increased by 25.6% from<br />
2.23 cents in 3Q2007 to<br />
2.80 cents in 4Q2007. DPU<br />
amounted to 8.82 cents,<br />
up 30.5% from FY2006<br />
annualised DPU of<br />
6.76 cents. For the period<br />
from 1 July to 31 December<br />
2007, K-REIT Asia will pay<br />
out 4.99 cents per unit on<br />
29 February <strong>2008</strong>.<br />
Mr Tan Swee Yiow, CEO of K-REIT Asia, together with Mr Daniel Cerf, Deputy CEO of K-REIT<br />
Asia, hosted the Company’s first full year results conference<br />
PORTFOLIO SIZE<br />
EXCEEDS TARGET<br />
K-REIT Asia completed its<br />
acquisition of a one-third<br />
interest in ORQ for<br />
$951.4 million on<br />
10 December 2007, bringing<br />
the number of commercial<br />
office assets in its portfolio<br />
to five.<br />
This yield-accretive<br />
acquisition coupled with<br />
the portfolio’s revaluation<br />
gains of $433 million have<br />
enlarged KREIT Asia’s<br />
portfolio size by 210% to<br />
$2.1 billion as at end-2007<br />
from $677 million as at<br />
end-2006.<br />
This surpasses the $2 billion<br />
target portfolio size that the<br />
Manager set out to achieve.<br />
K-REIT Asia’s net asset value<br />
per unit has, in turn, surged<br />
by 85.3% from $2.04 to<br />
$3.78.<br />
ACTUAL ACTUAL PRO FORMA + / (-)<br />
4Q 2007 FY 2007 FY 2007<br />
2007 2007<br />
$’000 $’000 $’000 %<br />
Property Income 11,028 40,069 33,778 18.6<br />
Net Property Income 7,024 28,262 23,625 19.6<br />
Net Profit 919 12,689 11,196 13.3<br />
Distributable Income to Unitholders 6,920 21,812 15,307 42.5<br />
Distribution Per Unit (cents)<br />
For the Period 2.80 8.82 n.a. n.a.<br />
Annualised 11.11 8.82 n.a. n.a.<br />
SUSTAINABLE INCOME<br />
GROWTH<br />
Despite the current financial<br />
market volatility, K-REIT Asia<br />
will be able to sustain its<br />
income growth, given its<br />
fully committed portfolio<br />
occupancy and potential<br />
rental reversions from its<br />
relatively low average rentals.<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Business 5<br />
About 44.5% and 21.9% of<br />
the portfolio’s net lettable<br />
area will be due for lease<br />
expiry and rent renewal<br />
respectively between <strong>2008</strong><br />
and 2010.<br />
Going forward, the Manager<br />
will continue to seek<br />
acquisitions of prime<br />
commercial space in<br />
Singapore and other Asian<br />
growth cities. The Manager<br />
is also actively looking at<br />
asset enhancement to drive<br />
growth within its existing<br />
portfolio. keppelite<br />
Proposed rights issue<br />
To strengthen K-REIT Asia’s<br />
balance sheet and capital<br />
structure, the Manager<br />
plans to raise gross proceeds<br />
of up to $700 million by way<br />
of a fully renounceable<br />
rights issue. An additional<br />
listing application together<br />
with a draft Unitholders’<br />
Circular will be submitted<br />
to the Singapore Exchange<br />
Securities Trading Limited.<br />
An extraordinary general<br />
meeting will be convened<br />
to seek Unitholders’ approval<br />
for the rights issue. The<br />
proposed exercise will offer<br />
K-REIT Asia’s Unitholders the<br />
right to subscribe for new<br />
units at a discount of up to<br />
20% to the then-prevailing<br />
trading price.<br />
The net proceeds will be used<br />
to repay part of the bridging<br />
loan of $942 million from<br />
<strong>Keppel</strong> <strong>Corporation</strong> which<br />
was drawn down for the<br />
acquisition of a one-third<br />
interest in One Raffles Quay<br />
Pte Ltd.<br />
This will reduce K-REIT Asia’s<br />
gearing from 53.9% as at<br />
31 December 2007 and<br />
provide it with a significant<br />
degree of additional debt<br />
capacity to acquire further<br />
property acquisitions.<br />
The major Unitholders of<br />
K-REIT Asia, <strong>Keppel</strong><br />
<strong>Corporation</strong> and <strong>Keppel</strong><br />
Land, have also provided an<br />
irrevocable undertaking to<br />
take up their respective<br />
provisional allocation of<br />
the rights units and also<br />
take up any rights units not<br />
subscribed for by minority<br />
Unitholders.<br />
The <strong>Keppel</strong> Group will,<br />
therefore, remain a major<br />
Unitholder of K-REIT Asia,<br />
following the completion<br />
of the rights issue.<br />
Double strikes – twice!<br />
Not one but two double<br />
celebrations were held at<br />
<strong>Keppel</strong> FELS when two<br />
projects marked their first<br />
construction milestone on<br />
1 December 2007 and<br />
another two on 2 <strong>January</strong><br />
<strong>2008</strong>.<br />
The first two to strike steel<br />
were Greatdrill Chitra, a<br />
KFELS B Class jackup drilling<br />
Strike steel marks the beginning of the physical construction work for each project<br />
rig for customer Greatship<br />
Global Energy Services<br />
(Greatship), and the first<br />
floating hotel (floatel) <strong>Keppel</strong><br />
FELS is building for Floatel<br />
International.<br />
While the construction of<br />
Greatdrill Chitra is carried out<br />
at the <strong>Keppel</strong> FELS yard in<br />
Singapore, initial works<br />
onboard the floatel, such as<br />
the fabrication of the<br />
pontoons are carried out at<br />
<strong>Keppel</strong> Batangas Shipyard in<br />
the Philippines. When<br />
completed, the pontoons will<br />
be brought to Singapore,<br />
together with columns<br />
fabricated in China, for<br />
integration with the upper<br />
hull.<br />
This new generation floatel<br />
is being built to the DSS20<br />
NS DP3 design, co-developed<br />
by <strong>Keppel</strong>’s R&D arm,<br />
Deepwater Technology<br />
Group and Marine Structure<br />
Consultants.<br />
The other two projects which<br />
struck steel were, PV Drilling<br />
II, the second KFELS B Class<br />
rig for PetroVietnam and<br />
Project B304, another KFELS<br />
B Class jackup rig. keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
6 Business<br />
Bonus awarded for timely delivery<br />
of first project of <strong>2008</strong><br />
A toast for a project well done – the vessel, Sea Apache, was completed on time and on budget by <strong>Keppel</strong> Singmarine<br />
<strong>Keppel</strong> Offshore & Marine<br />
(<strong>Keppel</strong> O&M), through its<br />
wholly-owned subsidiary<br />
<strong>Keppel</strong> Singmarine, has<br />
delivered the first project for<br />
the year <strong>2008</strong> on time and<br />
with an excellent safety<br />
record on 21 <strong>January</strong>.<br />
<strong>Keppel</strong> Singmarine received<br />
a bonus of US$10,000 for<br />
the timely delivery of Sea<br />
Apache, a 139-tonne bollard<br />
pull Anchor Handling Tug/<br />
Supply (AHTS) vessel, to<br />
Gulfmark Offshore Inc. with<br />
zero loss time incident.<br />
Its completion adds on to<br />
<strong>Keppel</strong> O&M’s sterling track<br />
record of on time, on budget<br />
deliveries.<br />
Mr Choo Chiau Beng,<br />
Chairman/CEO of <strong>Keppel</strong><br />
O&M, said, “We are pleased<br />
to announce that all our<br />
major projects for 2007 were<br />
delivered on time to our<br />
customers despite the<br />
tight labour market and<br />
equipment supply crunch.<br />
“Credit goes to the forward<br />
planning and hard work of<br />
our people at all levels<br />
and our sub-contractors.<br />
Thanks to our customers<br />
and our vendors for their<br />
support. Looking ahead, we<br />
remain committed to our<br />
promise of on-time, onbudget<br />
completion of high<br />
quality projects for our<br />
customers.”<br />
Sea Cheyenne, sister vessel of Sea Apache, was delivered in 2007<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Business 7<br />
Meeting the expectation of<br />
its customers has been a<br />
motto for <strong>Keppel</strong> O&M,<br />
whose vision is to be the<br />
provider of choice for its<br />
customers.<br />
At the naming ceremony of<br />
the Sea Apache held recently,<br />
Mr Martin Watts, Area<br />
Director for Gulf Marine<br />
Far East, a subsidiary of<br />
Gulfmark, said, “<strong>Keppel</strong> has<br />
once again achieved a first<br />
class production of our<br />
vessel. The Sea Apache is the<br />
second delivery of a new<br />
class of vessels that we are<br />
very proud to add to our<br />
fleet. We are expecting four<br />
more deliveries this year, all<br />
from <strong>Keppel</strong> Singmarine.”<br />
Mr Hoe Eng Hock,<br />
Executive Director of <strong>Keppel</strong><br />
Singmarine, said, “This vessel<br />
is delivered well on schedule<br />
despite late delivery of key<br />
equipment. Her performance<br />
during sea trials has also<br />
exceeded the design and<br />
contractual requirements for<br />
bollard pull and speed. We<br />
are very glad to play a part<br />
towards building Gulfmark’s<br />
fleet of over 60 offshore<br />
support vessels, and its<br />
continued expansion into the<br />
Southeast Asian offshore<br />
market.”<br />
Sea Apache is the second of<br />
a fleet of six vessels ordered<br />
by Gulfmark, which provides<br />
marine transportation<br />
services to the energy<br />
industry, primarily in the<br />
North Sea, Southeast Asia<br />
and the Americas. Designed<br />
by Marine Technology<br />
Development (MTD), the ship<br />
R&D arm of <strong>Keppel</strong> O&M,<br />
she will be deployed in South<br />
East Asia. keppelite<br />
Splashing start for Asia’s first<br />
Ice-breakers<br />
On 29 December 2007 and<br />
14 <strong>January</strong> <strong>2008</strong>, <strong>Keppel</strong><br />
Singmarine sent ice-breakers,<br />
H327 and H328 respectively,<br />
off to a splashing start.<br />
H328 was launched before<br />
the onset of a heavy storm.<br />
Just a minute before the<br />
vessel was to slide down the<br />
slipway, heavy big raindrops<br />
fell on the sturdy shoulders<br />
of the team involved in this<br />
milestone. Nevertheless, the<br />
launch went well.<br />
Launching the Ice-breakers is<br />
a milestone for the team at<br />
<strong>Keppel</strong> Singmarine.<br />
Mr Edmund Lek, GM<br />
(Production) of <strong>Keppel</strong><br />
Singmarine, who oversaw<br />
the launching process,<br />
shared, “These two vessels<br />
are by far the largest and<br />
heaviest ever launched in<br />
<strong>Keppel</strong> Singmarine.<br />
“We did a lot of safety<br />
checks and had intensive<br />
discussions with our<br />
Engineering and Project<br />
teams to ensure that we are<br />
confident of the success of<br />
the project.”<br />
The two vessels will be<br />
deployed in the Barents<br />
and Arctic Seas. They are<br />
designed and built to the<br />
rules and standards of the<br />
Russian Maritime Register<br />
of Shipping, and are<br />
customised in accordance<br />
with the owner’s stringent<br />
Braving the storm at its launch, Ice-breaker H328 achieved its first major milestone<br />
requirements and superior<br />
technical specifications.<br />
The contract to build the<br />
two vessels – a multi-purpose<br />
icebreaking supply vessel<br />
and an auxiliary icebreaker<br />
vessel – was secured on the<br />
back of four Ice-Class Anchor<br />
Handling Tug/Supply (AHTS)<br />
vessels, as well as a Ice-Class<br />
Floating Storage and<br />
Offloading (FSO) vessel<br />
subsequently. keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
8 Business<br />
Colour the future green<br />
<strong>Keppel</strong> Land has made<br />
harmonising and improving<br />
the environment a priority in<br />
the design and development<br />
of all its projects.<br />
Going beyond current best<br />
practices, <strong>Keppel</strong> Land recently<br />
formed an Environment<br />
Management Committee<br />
(EMC), responsible for<br />
developing and implementing<br />
environmental programmes,<br />
such as the achievement of<br />
ISO certifications.<br />
Kwok Yan Hoe, Assistant GM<br />
of Corporate Development<br />
is the ‘Environment<br />
Champion’, or Chairperson<br />
of EMC. He said, “Here at<br />
<strong>Keppel</strong> Land, we want to<br />
adopt a proactive approach<br />
towards environmental<br />
management. EMC is an<br />
extension of our on-going<br />
Be they homes or offices, <strong>Keppel</strong> Land’s developments are thoughtfully planned and designed<br />
to integrate form and function for an optimal environment<br />
efforts over the years to strike<br />
a balance between economic<br />
objectives and environmental<br />
viability.”<br />
<strong>Keppel</strong> Land’s commitment<br />
to protect the environment<br />
has not gone unnoticed. In<br />
the inaugural Singapore<br />
Green Summit 2007 jointly<br />
organised by the Singapore<br />
Environment Council and the<br />
Association for Chartered<br />
Certified Accountants<br />
(ACCA), <strong>Keppel</strong> Land<br />
emerged as one of seven<br />
finalists in the ACCA<br />
Singapore Environmental<br />
and Social Reporting Awards.<br />
Deemed the “Green<br />
Oscars”, this prestigious<br />
event honours and highlights<br />
outstanding efforts by<br />
companies that contribute to<br />
environmental sustainability<br />
in Singapore. It recognises<br />
the best environmental<br />
practices and management<br />
within the industries, as well<br />
as promotes the uptake of<br />
environmental and social<br />
reporting.<br />
<strong>Keppel</strong> Land was also one of<br />
six finalists in the ACCA<br />
Singapore Environmental<br />
Reporting Awards<br />
competition held in March<br />
2005. The award is presented<br />
to companies that display<br />
an exceptional effort in<br />
reporting their non-financial<br />
disclosures to their<br />
stakeholders. It aims to<br />
promote good corporate<br />
citizenship and encourage<br />
companies to be more<br />
accountable for the social,<br />
environmental and economic<br />
impact on their activities.<br />
keppelite<br />
More than just good governance<br />
<strong>Keppel</strong> Philippines Marine,<br />
Inc (KPMI) was once again a<br />
finalist in the fifth MAP Best<br />
Annual Report (BAR) Awards<br />
on 11 December 2007.<br />
Organised by the<br />
Management Association of<br />
the Philippines (MAP), in<br />
co-operation with the<br />
Philippine Stock Exchange<br />
(PSE) and news publication<br />
BusinessWorld, the Awards<br />
recognises companies who<br />
practice principles of good<br />
governance in the Philippine<br />
business community.<br />
This promotes investor<br />
confidence in the Philippine<br />
stock market by increasing<br />
the level of transparency,<br />
accountability and fairness<br />
amongst its members.<br />
Since the Awards were<br />
instituted in 2003, KPMI has<br />
always been in the list of<br />
finalists for the coveted<br />
award.<br />
“This award is another vote<br />
of confidence to KPMI’s<br />
practice of good corporate<br />
governance and disclosure,”<br />
said Ms. Agnes Barbara L.<br />
Lorenzo, KPMI’s Vice<br />
President for Administration<br />
and Finance, who received<br />
the award on behalf of the<br />
company.<br />
She added, “The Annual<br />
Report is a very useful and<br />
powerful communication<br />
tool. The shareholders are<br />
provided with a clear,<br />
balanced and fair assessment<br />
of the company’s<br />
performance as well as the<br />
plans to further increase the<br />
value of their investment.”<br />
keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Business 9<br />
Lessons on taking it global<br />
A delegation of graduate<br />
students from the Yale<br />
School of Management<br />
visited <strong>Keppel</strong> HQ on<br />
7 <strong>January</strong> <strong>2008</strong> and was<br />
hosted by Mr Lim Chee Onn,<br />
Executive Chairman of<br />
<strong>Keppel</strong> <strong>Corporation</strong>. The<br />
group was led by the<br />
distinguished Professor<br />
Jeffrey E Garten, the Juan<br />
Trippe Professor in the<br />
Practice of International<br />
Trade, Finance and Business<br />
at the Yale School of<br />
Management.<br />
His area of expertise is global<br />
finance and global business.<br />
In his course “Leading A<br />
Global Company” each year,<br />
he focuses on a dozen great<br />
global companies.<br />
Professor Garten also leads<br />
an annual trip for his<br />
students to Singapore to<br />
study the country’s potential<br />
as a location for future<br />
investments. This is the<br />
second time the Professor<br />
selected <strong>Keppel</strong> as a case<br />
study for his students.<br />
At <strong>Keppel</strong>, the students were<br />
given an overview of the<br />
Group’s key businesses and<br />
geographical span. Following<br />
the presentation, the<br />
students enjoyed a lively and<br />
meaningful exchange with<br />
the Chairman, benefitting<br />
from his experience in both<br />
the private and public<br />
sectors. They were keen to<br />
understand how <strong>Keppel</strong><br />
overcame different challenges<br />
in its metamorphosis into a<br />
global company. Chairman<br />
Lim also presented Professor<br />
Garten with <strong>Keppel</strong>’s newly<br />
published book, More than<br />
Mettle, The <strong>Keppel</strong> Offshore<br />
& Marine Story, which will<br />
take its place of honour<br />
at the Yale School of<br />
Management library.<br />
To round up the visit, the<br />
delegation was then off to<br />
<strong>Keppel</strong> FELS where Mr Choo<br />
Chiau Beng, Chairman &<br />
CEO of <strong>Keppel</strong> Offshore &<br />
Marine, took them on a tour<br />
of the yard for an up-close<br />
and personal encounter with<br />
the mammoth rigs being<br />
built and repaired. keppelite<br />
Visitors from Yale listened intently as Mr Lim Chee Onn (second from right) shared <strong>Keppel</strong>’s story<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
10 Business<br />
Evergro to realise full potential of<br />
Tianjin projects<br />
In 2007, the Evergro Group’s<br />
turnover grew 591.2% from<br />
$5.8 million in 2006 to<br />
$39.7 million. This year, the<br />
Group recognised revenue<br />
from the sale of residential<br />
developments in Changzhou<br />
Fushi and Tianjin Fushi<br />
totalling $34.1 million, with<br />
the balance from golf course<br />
operations.<br />
At the gross profit level,<br />
Changzhou contributed<br />
$3.5 million and the golf<br />
course operations contributed<br />
$3.6 million. The Group’s<br />
gross profit was reduced by<br />
a loss of $4.2 million from<br />
residential sales in Tianjin.<br />
In order to realise the full<br />
potential of the Group’s<br />
Tianjin projects, higher<br />
costs were also incurred<br />
to upgrade the present<br />
development and supporting<br />
infrastructure. Group gross<br />
profit was $2.9 million or<br />
$0.4 million lower than that<br />
for 2006.<br />
Other operating income of<br />
$8.9 million was due mainly<br />
to a reinvestment tax rebate<br />
obtained in Changzhou<br />
and other tax incentives<br />
totalling $5.4 million, and a<br />
$3.2 million gain from the<br />
disposal of a land parcel in<br />
Changzhou. In 2006, other<br />
operating income comprised<br />
mainly the receipt of the full<br />
and final settlement of<br />
$1.4 million of a long<br />
outstanding debt in Shenyang.<br />
Administrative and other<br />
expenses in 2007 were<br />
higher than in 2006 by<br />
$3.5 million. The<br />
commencement of land use<br />
tax in China in 2007 cost the<br />
Group $2.2 million. With the<br />
start of sales activities for the<br />
Tianjin and Changzhou<br />
projects, advertising and<br />
promotional expenses<br />
increased by $0.9 million.<br />
The remaining increase is due<br />
to higher depreciation<br />
charges for golf course<br />
assets.<br />
As a result, the Group<br />
suffered an operating loss of<br />
$3.8 million in 2007, which<br />
is $5.5 million lower than<br />
that for 2006.<br />
In 2007, the Group<br />
recognised divestment gains<br />
on the sale of its 10% stake<br />
in Tianjin Tianfu Property<br />
Development Co. and a 50%<br />
share in Jiangyin Yangtze<br />
Dragon Development Co.<br />
totalling $8.2 million. With<br />
these divestment gains, the<br />
Group reported a pre-tax<br />
profit of $4.4 million. The<br />
higher profit in 2006 is due<br />
to the gain on the sale of a<br />
90% stake in Tianjin Tianfu<br />
Property Development Co.<br />
The Group provided for a<br />
taxation of $4.2 million on<br />
the divestment gains and the<br />
gain from the sale of the<br />
Changzhou land.<br />
In all, the Group after tax<br />
profit was $0.2 million versus<br />
$7.5 million in 2006.<br />
The Group’s residential<br />
project in Changzhou is<br />
targeted for completion this<br />
year. Riding on the city’s rapid<br />
development, Evergro will<br />
continue to seek new<br />
opportunities.<br />
The residential project in<br />
Jiangyin is slated for launch<br />
in the first half of <strong>2008</strong><br />
through an initial phase of<br />
about 150 apartment units,<br />
with more to be progressively<br />
launched in the second half<br />
of the year.<br />
A recent significant<br />
development is the<br />
announcement of Tianjin as<br />
the proposed site for Eco-city,<br />
a Sino-Singapore joint<br />
project to be launched in<br />
<strong>2008</strong>. The Group will focus<br />
its attention on realising<br />
the potential value of its<br />
Tianjin projects, including<br />
the subsequent residential<br />
development phases and<br />
golf course.<br />
A series of macroeconomic<br />
control measures to cool<br />
investments in the real estate<br />
sector were introduced in<br />
PRC in 2006 and 2007.<br />
Going forward, the Chinese<br />
government is expected<br />
to introduce additional<br />
measures, in particular in<br />
credit tightening, financing<br />
of real estate projects<br />
and control of foreign<br />
investments. <strong>2008</strong> will also<br />
see greater attention on land<br />
hoarding, and measures for<br />
developers to quicken<br />
development.<br />
Overall, property prices may<br />
see some correction in cities<br />
that have experienced overly<br />
rapid price appreciation in<br />
2007. They will, however,<br />
remain stable and increase<br />
steadily in the second-tier<br />
cities, given the strong<br />
demand. keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Business 11<br />
Developing skills for the industry<br />
Getting great people assures<br />
the success of any company<br />
and the <strong>Keppel</strong> O&M Group<br />
makes it a priority to develop<br />
their relevant skills even<br />
before they join the<br />
company!<br />
On 16 <strong>January</strong>, <strong>Keppel</strong> O&M<br />
in collaboration with<br />
the Institute of Technical<br />
Education (ITE) launched<br />
the Higher National ITE<br />
Certificate (Higher Nitec)<br />
in Marine and Offshore<br />
Engineering course.<br />
The course will equip<br />
students with the relevant<br />
trade skills who will meet the<br />
critical need for supervisors<br />
in the offshore and marine<br />
industry.<br />
This industry has seen<br />
meteoric growth, with a<br />
2006 record output of over<br />
S$12 billion, a 38 per cent<br />
growth from 2005. A<br />
manpower survey conducted<br />
by the Association of<br />
Singapore Marine Industries<br />
(ASMI) in October 2006<br />
predicted that there would<br />
be a demand for about 120<br />
local supervisors per year<br />
over the next five years.<br />
At the launch, the ITE Board<br />
of Governors engaged<br />
<strong>Keppel</strong> O&M’s senior<br />
management in discussion<br />
on the Group’s business.<br />
They also took the<br />
opportunity to visit one of<br />
<strong>Keppel</strong> O&M’s yards where<br />
the launch was held.<br />
Mr Choo Chiau Beng,<br />
Chairman & CEO of <strong>Keppel</strong><br />
Mr Choo (right) welcomes Mr Bob Tan, Chairman of ITE to <strong>Keppel</strong> O&M<br />
O&M said, “As a leader in<br />
our industry, <strong>Keppel</strong> O&M<br />
is glad to provide a glance<br />
into our industry for these<br />
academic institutions. We<br />
want to inspire talents<br />
with the right set of skills,<br />
knowledge and mindset to<br />
join us.” keppelite<br />
Visits to <strong>Keppel</strong>’s yards<br />
Delegates from North Carolina on a yard tour led by Deputy Shipyard Manager, Low Tiau<br />
Tong (third from right)<br />
<strong>Keppel</strong> O&M not only has a<br />
diverse group of employees<br />
working for the company,<br />
this diversity is also seen in<br />
the delegations of visitors<br />
that come to the <strong>Keppel</strong><br />
yards in Singapore.<br />
Eager to learn the<br />
organisation and operations<br />
of <strong>Keppel</strong>’s yard,<br />
Scandinavian fund managers<br />
and analysts from the Arctic<br />
Securities in Norway met<br />
with <strong>Keppel</strong> O&M<br />
management for an<br />
interactive discussion on<br />
8 <strong>January</strong>.<br />
Just over a week later, a<br />
group of educational policy<br />
makers and business leaders<br />
from North Carolina’s Center<br />
for International<br />
Understanding and the<br />
Public School Forum also<br />
called on <strong>Keppel</strong> O&M to get<br />
a close-up view of the yard’s<br />
operations and facilities.<br />
keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
12 Team<br />
No one walks alone at<br />
<strong>Keppel</strong> O&M<br />
The latest additions to the<br />
<strong>Keppel</strong> Offshore & Marine<br />
(<strong>Keppel</strong> O&M) family were<br />
given an insight to the<br />
organisation’s structure,<br />
heritage, practices and<br />
policies during the <strong>Keppel</strong><br />
O&M corporate orientation<br />
on 21 December 2007.<br />
Mr Choo Chiau Beng,<br />
Chairman & CEO of <strong>Keppel</strong><br />
O&M, together with senior<br />
managers were present to<br />
welcome the new employees<br />
and answer their questions<br />
during the orientation.<br />
Building camaraderie amongst new employees while helping them integrate with the organisation is of highest priority<br />
Into its 17th run since its<br />
inception in March 2006, the<br />
orientation allows new<br />
<strong>Keppel</strong>ites to get acquainted<br />
with each other and also<br />
helps to integrate them<br />
into the organisation. The<br />
programme has benefitted<br />
more than 700 employees<br />
who joined the company.<br />
“It’s like going to school on<br />
the first day and not knowing<br />
anyone. It can be quite<br />
overwhelming as <strong>Keppel</strong><br />
O&M is a huge organisation.<br />
Through the orientation,<br />
new members know that<br />
they are not alone and that<br />
the management actively<br />
engages employees at all<br />
levels. Their mentors are also<br />
introduced to them during<br />
these sessions,” explained<br />
Cindy Lim, <strong>Keppel</strong> O&M’s<br />
Senior HR Manager, whose<br />
department is the facilitator<br />
for the orientation.<br />
At each orientation session,<br />
a veteran <strong>Keppel</strong>ite is invited<br />
to share an inspirational job<br />
experience with the new<br />
employees. The speaker this<br />
time was Leow Ban Tat,<br />
Senior Marketing Manager<br />
of <strong>Keppel</strong> FELS.<br />
Not only did he speak about<br />
the overseas experiences and<br />
career opportunities he had<br />
in his more than four years<br />
with <strong>Keppel</strong>, he also shared<br />
his principles for personal<br />
success, urging everyone to<br />
balance the 3 Ps, namely,<br />
Patience, Perseverance and<br />
Politeness. keppelite<br />
Core Values goes to Bintan<br />
As part of the Core Values<br />
coaching programme,<br />
<strong>Keppel</strong> O&M Group<br />
HR conducted a<br />
teambuilding workshop<br />
for subsidiary Bintan<br />
Offshore’s 78 employees<br />
on 13 and 14 December<br />
2007.<br />
Applying a series of<br />
specially-designed<br />
teambuilding activities,<br />
the workshop helped<br />
build staff motivation,<br />
loyalty and team spirit by<br />
spreading the Group’s core<br />
values with employees.<br />
Launched on 8 August<br />
2002, <strong>Keppel</strong> O&M’s Core<br />
Values is an important tool<br />
for sharpening employees’<br />
focus on company’s goals.<br />
This was followed by<br />
the introduction of the<br />
Core Values icons on<br />
6 November 2006 which<br />
have been well-received<br />
in both Singapore and<br />
overseas yards.<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Team 13<br />
Chairman Lim appointed<br />
Presidential Adviser<br />
Mr Lim Chee Onn, Executive<br />
Chairman of <strong>Keppel</strong> <strong>Corporation</strong><br />
has been appointed as an alternate<br />
member of the Council of<br />
Presidential Advisers for a four-year<br />
term with effect from 2 <strong>January</strong><br />
<strong>2008</strong>.<br />
Mr Lim was one of three new<br />
members sworn in to the Council<br />
including former Supreme Court<br />
judge Mr Goh Joon Seng and<br />
Singapore Airlines chairman<br />
Mr Stephen Lee.<br />
The eight-member Council was<br />
formed in 1992 to advise the<br />
elected president on the use of his<br />
veto powers on the spending of<br />
national reserves and key public<br />
appointments. keppelite<br />
Executive Chairman, Mr Lim Chee Onn was sworn into the Council of Presidential Advisers on 9 <strong>January</strong> <strong>2008</strong> at the Istana<br />
Brunei Energy Minister visits <strong>Keppel</strong><br />
Mr Nelson Yeo (2nd from left) showing<br />
HE Pehin Dato Yahya (3rd from left) the<br />
outfittings on Peregrine II during his visit of<br />
the yard<br />
Brunei Minister of Energy,<br />
HE Pehin Dato Yahya<br />
visited <strong>Keppel</strong> Shipyard on<br />
12 <strong>January</strong> for a tour of the<br />
drillship that will be working<br />
off the shores of his country.<br />
He was received by Chairman<br />
& CEO of <strong>Keppel</strong> O&M,<br />
Mr Choo Chiau Beng, as<br />
well as <strong>Keppel</strong> Shipyard’s ED,<br />
Mr Nelson Yeo who gave<br />
an overview of the yard’s<br />
operations.<br />
The drillship, Peregrine II,<br />
which was being outfitted at<br />
<strong>Keppel</strong> Shipyard for Frontier<br />
Drilling will be leased to Shell<br />
for operations in offshore<br />
Brunei.<br />
Key representatives from<br />
Frontier Drilling and Shell also<br />
presented the workings of<br />
the vessel.<br />
Mr Graham Henderson, MD<br />
of Brunei Shell Petroleum<br />
said of the vessel, “It’s only<br />
when you see these things in<br />
reality that you realise how<br />
incredible it is. This is a very<br />
important project for us in<br />
Brunei.”<br />
Of the yard, he added, “The<br />
safety here is fantastic. I’ve<br />
never been given so much<br />
safety gear before in my life.<br />
You could just feel everyone<br />
lives and breathes safety here<br />
and we appreciate that.”<br />
The visit demonstrated the<br />
warm relationship between<br />
the various parties and<br />
provided talking points for<br />
further discussions. keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
14 Team<br />
Insuring opportunities<br />
Mr Nick Sansom engages the audience with his views on marine insurance<br />
Mr Nick Sansom<br />
Like any service industry,<br />
insurance is heavily<br />
dependent on financial and<br />
human capital, just as it is for<br />
the offshore and marine<br />
industry.<br />
At the 22nd Chua Chor Teck<br />
Memorial Lecture (CCTML),<br />
speaker Mr Nick Sansom<br />
encouraged his audience –<br />
hailing from the offshore and<br />
marine industry as well as<br />
academia – to consider a<br />
career in marine insurance.<br />
With plentiful opportunities<br />
and exposure to global<br />
operations, marine insurers<br />
play an important role in the<br />
industry.<br />
Speaking at the Lecture<br />
titled ‘Marine Insurance:<br />
Past, Present and Future’,<br />
Mr Sansom shed light on the<br />
development of the marine<br />
insurance industry over<br />
the last thirty years, both in<br />
Singapore and worldwide.<br />
He shared that the growing<br />
capacity of Singapore’s hull<br />
market is largely attributed to<br />
several factors. Among these<br />
are an increase in the number<br />
of shipowners with presence<br />
here as well as government<br />
initiatives that encourage<br />
ship operators and marine<br />
insurers to make Singapore<br />
their base.<br />
According to Mr Sansom, the<br />
next stage of development is<br />
to have Singapore become a<br />
wholesale insurance market<br />
for Asian – and ultimately<br />
global – shipowners.<br />
Held in memory of the<br />
late Mr Chua Chor Teck,<br />
the Lecture took place at<br />
the Singapore Polytechnic<br />
Auditorium on 16 <strong>January</strong><br />
<strong>2008</strong>.<br />
It is organised by the Society<br />
of Naval Architects and<br />
Marine Engineers of<br />
Singapore.<br />
Apart from supporting the<br />
CCTML, a Memorial Fund<br />
also gives out scholarships<br />
in keeping with Mr Chua’s<br />
dedication to attracting<br />
talents to the marine<br />
industry. To read more<br />
about the late Mr Chua<br />
and the Fund, visit<br />
www.kepcorp.com/<br />
CCT_Memorial_Fund_Trustee.<br />
keppelite<br />
Mr Nick Sansom is the<br />
Senior Vice President<br />
and Head of Marine in<br />
Asia of Marsh (S) Pte Ltd.<br />
Mr Sansom was a<br />
barrister before working<br />
in marine insurance.<br />
Having built a strong<br />
grounding in claims<br />
and loss prevention,<br />
he moved into<br />
underwriting.<br />
He is a council member<br />
of the Singapore<br />
Shipping Association, a<br />
member of the Ship<br />
Insurance and Legal<br />
Committee of the Asia<br />
Shipowners Forum and<br />
vice-president of<br />
the Maritime Law<br />
Association of<br />
Singapore.<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Team 15<br />
Learning from the region<br />
The main hall in <strong>Keppel</strong><br />
Shipyard was abuzz with 130<br />
people from <strong>Keppel</strong> FELS,<br />
<strong>Keppel</strong> Shipyard and <strong>Keppel</strong><br />
Singmarine. It had to be an<br />
especially interesting event to<br />
draw such a crowd on the<br />
Saturday before Christmas –<br />
and indeed it was.<br />
They had gathered on<br />
22 December 2007 to listen<br />
to a presentation by two<br />
groups of <strong>Keppel</strong>ites who<br />
shared their experiences of<br />
visiting the two shipbuilding<br />
powerhouses of Korea and<br />
China.<br />
Both groups set out with a<br />
mission to “See, hear,<br />
network and learn”. Judging<br />
from the presentations and<br />
the enthusiastic response of<br />
their audience, the two<br />
groups fulfilled their goals<br />
very well.<br />
Ivan Lim, Project Manager,<br />
<strong>Keppel</strong> Shipyard presented<br />
the first talk, “2Oth FPSO<br />
Conference & Visit to DSME<br />
Shipyard”. During their short<br />
but busy trip, the group<br />
attended the 20th FPSO<br />
conference, visited Hyundai<br />
Heavy Industries shipyard<br />
and DSME Shipyard and met<br />
with Mr Alex Monsen,<br />
General Manager (Projects)<br />
for Seadrill.<br />
The “takeaways” from the<br />
trip to Korea were plenty. In<br />
particular the detailed<br />
planning put in by the<br />
Cultural exchange – Employees of <strong>Keppel</strong> O&M learn from their Chinese and Korean counterparts<br />
Korean shipyards at the<br />
design level impressed the<br />
group. Another aspect<br />
was the Korean shipyards’<br />
achievement in replacing<br />
scaffoldings with a cherry<br />
picker system.<br />
The group shared that the<br />
Korean system had allowed<br />
the country’s shipyards to<br />
scale new heights in the ship<br />
building industry.<br />
The second talk was<br />
presented by a group<br />
undergoing a Masters<br />
in Science in Marine<br />
Technology (International)<br />
In University of Newcastle<br />
upon Tyne.<br />
They visited Shanghai, China<br />
for a study trip from<br />
26 November to 2 December<br />
2007. The participants in<br />
this programme were from<br />
<strong>Keppel</strong> FELS, <strong>Keppel</strong> Shipyard<br />
and <strong>Keppel</strong> Singmarine.<br />
The group talked about<br />
their experiences attending<br />
Marinetec China 2007 and<br />
the Senior Maritime forum as<br />
well as visiting Wai Gao Qiao<br />
Shipyard, <strong>Keppel</strong> Nantong<br />
Shipyard and Shanghai<br />
Shipyard. They also had the<br />
opportunity to visit Yang<br />
Shan Port and Shang Hai Jiao<br />
Tong University.<br />
Wong Jen Ming, Project<br />
Manager of <strong>Keppel</strong> Shipyard<br />
said enthusiastically, “It was<br />
a really enlightening trip. We<br />
were able to observe the<br />
development of China’s<br />
shipyards on a first-hand<br />
basis. We also saw the<br />
collaboration between<br />
academia and industry in<br />
China.<br />
“This enabled us to expand<br />
and broaden our views and<br />
share ideas and ideals to see<br />
and to learn the exponential<br />
growth in Chinese<br />
shipbuilding industry and the<br />
strategies and methods used<br />
by the Chinese government<br />
to progress towards its goal<br />
of becoming the world’s<br />
largest shipbuilding country<br />
by 2015.<br />
“I have learnt and gained a<br />
lot experience from this<br />
China trip and look forward<br />
to more such trips<br />
in the future as they are<br />
really beneficial to people<br />
in our industry.”<br />
At the end of the session,<br />
Mr Choo Chiau Beng,<br />
Chairman & CEO of <strong>Keppel</strong><br />
Offshore & Marine<br />
commented, “We can learn<br />
from yards that are both<br />
less advanced and more<br />
advanced than us so that we<br />
can improve the services and<br />
solutions that we give our<br />
partners and customers.<br />
We have to continuously<br />
benchmark ourselves against<br />
the best to stay competitive.”<br />
keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
16 Special Focus<br />
<strong>Keppel</strong> Bay transformed<br />
<strong>2008</strong> is off to an auspicious start with a series of milestones accelerating dramatic<br />
transformations at <strong>Keppel</strong> Bay.<br />
ILLUMINATING THE<br />
SOUTH<br />
Singapore’s new landmark<br />
bridge at the southern<br />
waterfront, <strong>Keppel</strong> Bay<br />
Bridge, was named and<br />
opened by His Excellency<br />
S R Nathan, President of<br />
Singapore in a grand light-up<br />
ceremony on 3 <strong>January</strong><br />
<strong>2008</strong> involving spectacular<br />
pyrotechnics across its<br />
250-m span.<br />
“This new landmark bridge<br />
forms part of the masterplan<br />
and infrastructure to<br />
transform <strong>Keppel</strong> Bay into a<br />
premier waterfront precinct<br />
that integrates exclusive<br />
waterfront residences, a<br />
private marina and prime<br />
offices.<br />
<strong>Keppel</strong> Bay Bridge forms part of the masterplan and infrastructure to transform <strong>Keppel</strong> Bay into a premier waterfront precinct that integrates exclusive<br />
waterfront residences, a private marina and prime offices<br />
“Through building value<br />
and premium into <strong>Keppel</strong><br />
Bay, we are playing our part<br />
to enhance Singapore’s<br />
live-work-play environment<br />
and contribute to the<br />
government’s Tourism 2015<br />
vision to transform the<br />
Sentosa – Harbourfront –<br />
Mount Faber Precinct into a<br />
world-class destination,”<br />
said Mr Teo Soon Hoe, Senior<br />
Executive Director and Group<br />
Finance Director of <strong>Keppel</strong><br />
<strong>Corporation</strong>.<br />
Providing both pedestrian<br />
and vehicular access, the<br />
bridge links Marina at <strong>Keppel</strong><br />
President Nathan was given a tour of the iconic <strong>Keppel</strong> Bay Bridge – HE S R Nathan, President of Singapore; Mr Teo Soon Hoe, <strong>Keppel</strong> <strong>Corporation</strong>’s Senior<br />
Executive Director and Mr Lim Chee Onn, <strong>Keppel</strong> <strong>Corporation</strong>’s Executive Chairman<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
17<br />
Ms Wang Look Fung, <strong>Keppel</strong> Group Corporate Communications General Manager and<br />
Vietnam Ambassador, HE Nguyen Trung Thanh<br />
HE Patricia L Herbold, United States Ambassador and Mr Lim Chee Onn, Executive Chairman<br />
of <strong>Keppel</strong> <strong>Corporation</strong><br />
Mr Tong Chong Heong, <strong>Keppel</strong> Offshore & Marine’s MD and COO; HE J Arturo Montoya,<br />
Ambassador of Peru and Mrs Montoya<br />
<strong>Keppel</strong>ites past and present witnessed the transformation of the place where they had worked<br />
Mrs Eileen Choo, wife of Mr Choo Chiau Beng; Mr Nelson Yeo, <strong>Keppel</strong> Shipyard’s ED and<br />
Dr Lee Tsao Yuan, independent director of <strong>Keppel</strong> <strong>Corporation</strong><br />
Bay and future waterfront<br />
residences on <strong>Keppel</strong> Island<br />
to the mainland. This results<br />
in a seamless walking route<br />
covering more than three km<br />
round the Bay which<br />
stretches from Reflections<br />
at <strong>Keppel</strong> Bay, through<br />
Caribbean at <strong>Keppel</strong> Bay,<br />
around the <strong>Keppel</strong> Island and<br />
to <strong>Keppel</strong> Bay Tower at<br />
the Harbourfront, where<br />
<strong>Keppel</strong> is headquartered.<br />
<strong>Keppel</strong> Bay Bridge, built at<br />
the cost of nearly $30 million,<br />
was jointly designed by<br />
DCA Architects and TY Lin<br />
International and constructed<br />
by Penta Ocean Construction<br />
Co.<br />
At night, the bridge is artfully<br />
lit, glowing as a vibrant<br />
nucleus to attractions<br />
surrounding the Bay. With<br />
programmable special effects<br />
Continues on page 18...<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
18 Special Focus<br />
...continued from page 17.<br />
lighting, the pylon and staycables<br />
are lit by spot-lights<br />
and its span by changing LED<br />
lights which can be tailored<br />
to suit the occasion.<br />
Residents at <strong>Keppel</strong> Bay<br />
and visitors alike can look<br />
forward to a great walking<br />
experience. Apart from<br />
panoramic scenic views of<br />
Sentosa Island and its<br />
upcoming Integrated Resort,<br />
the Harbourfront and Vivo<br />
City, Singapore Cruise Centre<br />
and Marina at <strong>Keppel</strong> Bay,<br />
pedestrians can gain quick<br />
insights into the rich<br />
historical surroundings<br />
through a series of<br />
informative plaques along<br />
the pedestrian walkway on<br />
the Bridge presented by the<br />
<strong>Keppel</strong> Group.<br />
BREAKING NEW<br />
GROUND<br />
Work has commenced for<br />
Asia’s iconic waterfront<br />
residences, Reflections at<br />
<strong>Keppel</strong> Bay, with a<br />
groundbreaking ceremony<br />
held on 8 <strong>January</strong> <strong>2008</strong>. At<br />
the ceremony, Mr Teo Soon<br />
Hoe, Senior Executive<br />
Director and Group Finance<br />
Director of <strong>Keppel</strong><br />
<strong>Corporation</strong>, announced<br />
that the main contract for<br />
Reflections at <strong>Keppel</strong> Bay,<br />
worth about $1 billion, has<br />
been awarded to Woh Hup.<br />
The 1,129-unit premier<br />
waterfront development is<br />
expected to be completed by<br />
2013. Mr Teo said, “We<br />
intend to bring together<br />
some of the finest names and<br />
brands in the industry to lend<br />
their signature quality to our<br />
developments at <strong>Keppel</strong> Bay.<br />
That is the reason why we<br />
have spared no efforts in<br />
going for the best to ensure<br />
that the waterfront<br />
residences at Reflections at<br />
<strong>Keppel</strong> Bay enjoy the highest<br />
quality in terms of fittings<br />
and fixtures, installation and<br />
features.<br />
“We are therefore happy to<br />
announce that we have<br />
awarded to Woh Hup the<br />
main contract amounting<br />
to some $1 billion for<br />
Reflections at <strong>Keppel</strong> Bay.<br />
“Woh Hup, one of<br />
Singapore’s leading<br />
construction companies, has<br />
an impressive track record<br />
and has won recognition not<br />
only for high quality execution<br />
and standards but also for its<br />
commitment to safety.”<br />
The first phase of Reflections<br />
at <strong>Keppel</strong> Bay, comprising<br />
some 620 waterfront homes,<br />
has been sold out and its<br />
much anticipated second<br />
phase is expected to be<br />
launched some time this<br />
year.<br />
Breaking new ground for Reflections at <strong>Keppel</strong> Bay – (From left) Mr Kevin Wong, Group CEO of <strong>Keppel</strong> Land; Mr Teo Soon Hoe, Senior Executive Director and Group Finance Director of <strong>Keppel</strong><br />
<strong>Corporation</strong>; Mr Lim Chee Onn, Executive Chairman of <strong>Keppel</strong> <strong>Corporation</strong> and Mr Kim Yong, Deputy Chairman & Project Director of Woh Hup<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
19<br />
Turning vision into reality – Senior Minister Goh Chok Tong (centre) opens Singapore’s new luxury waterfront playground, Marina at <strong>Keppel</strong> Bay witnessed by (from left) Mr Kevin Wong, Group<br />
CEO of <strong>Keppel</strong> Land; Mr Teo Soon Hoe, Senior Executive Director and Group Finance Director of <strong>Keppel</strong> <strong>Corporation</strong>; Mr Lim Chee Onn, Executive Chairman of <strong>Keppel</strong> <strong>Corporation</strong> and Mr Choo<br />
Chiau Beng, Senior Executive Director of <strong>Keppel</strong> <strong>Corporation</strong><br />
NEW LUXURY<br />
WATERFRONT<br />
PLAYGROUND PREMIERES<br />
Singapore’s latest premier<br />
nautical destination, Marina<br />
at <strong>Keppel</strong> Bay, was opened<br />
on 19 <strong>January</strong> <strong>2008</strong> by<br />
Senior Minister Goh Chok<br />
Tong in a spectacular<br />
ceremony which saw the<br />
arrival of the fleet in the<br />
Clipper 07-08 Round the<br />
World Yacht Race (Read<br />
more about Clippers at<br />
<strong>Keppel</strong> Bay on pages 22-27).<br />
Located on the privately<br />
owned <strong>Keppel</strong> Island, yet<br />
minutes from the city centre<br />
via the iconic <strong>Keppel</strong> Bay<br />
Bridge, Marina at <strong>Keppel</strong><br />
Bay is poised to be one<br />
of Asia’s top marina<br />
destinations alongside prime<br />
developments in the<br />
32-hectare <strong>Keppel</strong> Bay<br />
waterfront residential<br />
precinct.<br />
“<strong>Keppel</strong> Bay is envisioned to<br />
be a place where people,<br />
boaters and non-boaters,<br />
can come to enjoy the best<br />
of what Singapore’s premium<br />
waterfront has to offer.<br />
“Marina at <strong>Keppel</strong> Bay will<br />
enhance the premier and<br />
intimate waterfront lifestyle<br />
experience for homeowners<br />
in <strong>Keppel</strong> Bay, boaters from<br />
the region as well as visitors<br />
to <strong>Keppel</strong> Island with its<br />
premium berths, fine dining<br />
experiences and warm<br />
hospitality,” said Mr Lim Chee<br />
Onn, Executive Chairman,<br />
<strong>Keppel</strong> <strong>Corporation</strong>.<br />
Designed by leading<br />
architects and marina<br />
consultants Alfred Wong &<br />
Partners and Bellingham<br />
Marine Industries, the<br />
S$30 million Marina at<br />
<strong>Keppel</strong> Bay features state-ofthe-art<br />
Unifloat © modern<br />
concrete floating berths for<br />
170 yachts, including mega<br />
yachts of up to 250 feet.<br />
The berths will be<br />
constructed over two phases,<br />
Continues on page 20...<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
20 Special Focus<br />
...continued from page 19.<br />
with 75 berths in phase one<br />
constructed at a cost of<br />
approximately $9 million.<br />
Marina at <strong>Keppel</strong> Bay is the<br />
first marina in the region to<br />
have a reticulated vacuum<br />
sewer pump-out system.<br />
Commenting on the<br />
partnership with <strong>Keppel</strong><br />
in an interview with The<br />
Business Times, Mr J.<br />
Everett Babbitt, President of<br />
Bellingham Marina noted,<br />
“<strong>Keppel</strong> is a very honourable,<br />
outstanding company and<br />
our talents mesh well<br />
because we bring a high<br />
degree of technical skills<br />
while they have all the<br />
contacts and infrastructure<br />
base throughout Asia.”<br />
Marina at <strong>Keppel</strong> Bay also<br />
features new fine dining<br />
experiences which include<br />
the multiconcept F&B<br />
entertainment venue Privé;<br />
The Wine Glass, a bayfronting<br />
bar; Southeast Asia’s<br />
first Takumi Tokyo Japanese<br />
restaurant; The Coffee<br />
Connoisseur and The Island<br />
Suite, a private dining room<br />
with an ensuite designer<br />
show kitchen by Miele.<br />
THE WORLD MEETS AT<br />
MARINA AT KEPPEL BAY<br />
Boat Asia <strong>2008</strong>, the region’s<br />
leading leisure boat and<br />
luxury waterfront lifestyle<br />
event, will be held at Marina<br />
at <strong>Keppel</strong> Bay from 24 to<br />
27 April <strong>2008</strong>.<br />
Produced by TMX Show<br />
Productions Pte Ltd (TMX),<br />
this is the first time Boat Asia<br />
– a top-draw annual show<br />
Singapore’s new luxury waterfront playground at <strong>Keppel</strong> Bay premieres<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
21<br />
Marina at <strong>Keppel</strong> Bay will enhance the intimate waterfront lifestyle experience for homeowners in <strong>Keppel</strong> Bay<br />
Boat Asia <strong>2008</strong> steers into Marina at <strong>Keppel</strong> Bay. (From left) Mr Herman Ho, MD of TMX<br />
Show Productions and Mr Augustine Tan, CEO of Singapore Residential, <strong>Keppel</strong> Land<br />
for potential owners of<br />
luxury boats as well as<br />
thousands of boating<br />
enthusiasts in the region - is<br />
being held on the private<br />
<strong>Keppel</strong> Island.<br />
A highlight in the region’s<br />
social calendar, Boat Asia will<br />
feature on-water display of<br />
luxury motor yachts, sail<br />
boats, keel boats and<br />
catamarans, mega yachts<br />
and super yachts amidst a<br />
carnival atmosphere with<br />
music and fun.<br />
Thousands of general<br />
boating enthusiasts will<br />
visit on-land displays<br />
comprising speed boats, jet<br />
skis and sailing yachts,<br />
marine equipment and<br />
accessories, luxury resorts<br />
and properties and high-end<br />
consumer lifestyle products.<br />
With the rising number of<br />
wealthy individuals in the<br />
region who are drawn to<br />
Singapore as a centre for<br />
their investments or leisure<br />
activities, TMX is confident<br />
that Boat Asia <strong>2008</strong> should<br />
see even bigger deals being<br />
concluded than before.<br />
Mr Herman Ho, TMX’s<br />
Managing Director, said,<br />
“As the producer of the<br />
prestigious Boat Asia, which<br />
has won several accolades in<br />
the past, TMX is honoured to<br />
partner Marina at <strong>Keppel</strong> Bay<br />
with its world-class facilities,<br />
professional team and prime<br />
location.<br />
“This year’s event promises<br />
to be the premier leisure<br />
boating event in the region<br />
which will put Singapore on<br />
the map as a leading<br />
yachting destination.<br />
Together with Marina at<br />
<strong>Keppel</strong> Bay, we are confident<br />
that we will grow from<br />
strength to strength.”<br />
“<strong>Keppel</strong> is delighted to<br />
partner with TMX to<br />
promote Singapore as Asia’s<br />
leading sailing and boating<br />
destination through<br />
prestigious events such as<br />
Boat Asia. Our partnership is<br />
a marriage of strengths<br />
which will contribute to the<br />
vision and vibrancy of this<br />
southern waterfront.<br />
“Marina at <strong>Keppel</strong> Bay<br />
stands ready with its<br />
premium berths and facilities<br />
to host Boat Asia, which we<br />
believe will emerge as one of<br />
the world’s premier boat<br />
shows,” said Mr Augustine<br />
Tan, Chief Executive Officer,<br />
Singapore Residential of<br />
<strong>Keppel</strong> Land. keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
22 Team<br />
Clippers return to <strong>Keppel</strong> Bay<br />
Homeward bound – The Uniquely Singapore Clipper leads the Clipper 07-08 Race Fleet into Singapore waters<br />
ARRIVING IN STYLE<br />
Singapore celebrated the<br />
return of the 10 international<br />
ocean racing yachts in the<br />
Clipper Round the World<br />
Yacht Race at the brand new<br />
Marina at <strong>Keppel</strong> Bay on<br />
19 <strong>January</strong>.<br />
This was the second time<br />
that Singapore is fielding an<br />
entry in the Clipper Round<br />
the World Yacht Race. The<br />
main sponsor of Uniquely<br />
Singapore for the Clipper<br />
07-08 Race is <strong>Keppel</strong><br />
<strong>Corporation</strong>, together with<br />
race partner, the Singapore<br />
Tourism Board.<br />
The Clipper 07-08 Race Fleet<br />
sailed in from Fremantle,<br />
making an eventful nine-day<br />
stop-over in Singapore<br />
before continuing the race<br />
to Qingdao, China on<br />
27 <strong>January</strong> <strong>2008</strong>.<br />
At the opening of Marina at<br />
<strong>Keppel</strong> Bay, Senior Minister<br />
Goh Chok Tong also<br />
bestowed the Uniquely<br />
Singapore Cup, sponsored<br />
by <strong>Keppel</strong>, upon New York<br />
Clipper, who won the race<br />
from Fremantle to Singapore.<br />
In close pursuit were<br />
Liverpool 08 and<br />
Westernaustralia2011.com<br />
RACE 05 – FREMANTLE TO SINGAPORE<br />
1 New York<br />
2 Liverpool 08<br />
3 westernaustralia2011.com<br />
4 Hull & Humber<br />
5 Durban 2010 and Beyond<br />
6 Glasgow: Scotland with style<br />
7 Uniquely Singapore<br />
8 Nova Scotia<br />
9 Jamaica<br />
10 Qingdao<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Onboard Uniquely Singapore Team 23<br />
(Top left) Bottoms up! Crew of the winning<br />
New York Clipper savour their sweet success<br />
(Top right) Last but definitely not the least –<br />
Qingdao Clipper’s crew members celebrate<br />
in high spirits<br />
(Right) An international parade – Some 200<br />
crew members from the 10 Clipper yachts<br />
disembarked at <strong>Keppel</strong> Bay during the<br />
Singapore stop-over<br />
(Right bottom) Residents of Caribbean at<br />
<strong>Keppel</strong> Bay camped out along the<br />
waterfront promenade in anticipation of<br />
catching the Clipper fleet’s arrival<br />
who garnered second and<br />
third positions respectively.<br />
Equally celebrated on<br />
this much anticipated<br />
homecoming leg was the<br />
Uniquely Singapore Clipper<br />
in seventh position. The<br />
Uniquely Singapore is crewed<br />
19 members including<br />
Skipper Mark Preedy, <strong>Keppel</strong><br />
Ambassadors Koh Kok Siong<br />
and Diana Chan, as well as<br />
an ASEAN contingent<br />
supported by the Ministry of<br />
Foreign Affairs in celebration<br />
of ASEAN’s 40th Anniversary.<br />
“We share the same vision<br />
with our race partner<br />
Singapore Tourism Board to<br />
Continues on page 24...<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
24 Team<br />
The arrival of the international Clipper 07-08 Race Fleet lent colour and excitement to Singapore’s vibrant southern waterfront hub, of which <strong>Keppel</strong> Bay is an integral part<br />
...continued from page 23.<br />
showcase the Uniquely<br />
Singapore brand to the<br />
world and to promote<br />
Singapore globally as a<br />
“must visit” destination.<br />
“The return of the<br />
international Clipper race<br />
fleet was timely and lent<br />
colour and excitement to this<br />
vibrant southern waterfront<br />
hub.<br />
In seventh heaven – Homecoming Uniquely Singapore Clipper makes a roaring entry<br />
“In concert with the slew<br />
of exciting waterfront<br />
developments and activities<br />
at <strong>Keppel</strong> Bay, Sentosa and<br />
the surroundings, Marina<br />
at <strong>Keppel</strong> Bay looks forward<br />
to draw even more<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Onboard Uniquely Singapore Team 25<br />
(From left) Michelin-starred Chef Martin Wishart of Restaurant Martin Wishart, Edinburgh stirs up the action aboard the Glasgow clipper; Chef Joseph Martin of Pan Pacific, Singapore, reckons<br />
he’s probably the only roti prata-making ‘ang-moh’ (Caucasian) around; Raymond Capaldi, Executive Chef at Fenix, Melbourne makes himself at home in the galley of the Western Australia<br />
Clipper<br />
A Uniquely Singapore birthday – Uniquely Singapore skipper Mark Preedy celebrates his 36th<br />
birthday on arrival into <strong>Keppel</strong> Bay<br />
international yachts and<br />
boaters to visit Singapore,”<br />
said Mr Lim Chee Onn,<br />
Executive Chairman of<br />
<strong>Keppel</strong> <strong>Corporation</strong>.<br />
On the Singapore stop-over,<br />
Sir Robin Knox-Johnston,<br />
Founder of Clipper Ventures<br />
said, “Singapore has been a<br />
significant stop in all six<br />
Clipper Races and we are<br />
delighted that once again<br />
there is a boat proudly<br />
carrying the name of<br />
Singapore around the major<br />
ports of the world. The race<br />
has proved an excellent way<br />
to illustrate the maritime and<br />
commercial strengths of this<br />
vibrant country.”<br />
WHIPPING UP A STORM<br />
In conjunction with the<br />
arrival of the Clipper 07-08<br />
Round the World Yacht Race<br />
fleet in Singapore, three top<br />
Scottish chefs representing<br />
Australia, Scotland and<br />
Singapore took part in<br />
an inter-boat cook-off<br />
competition aboard the<br />
westernaustralia2011.com;<br />
Glasgow: Scotland with Style<br />
and Uniquely Singapore<br />
berthed at Marina at <strong>Keppel</strong><br />
Bay.<br />
Michelin-starred Martin<br />
Wishart along with two<br />
other award-winning chefs,<br />
Raymond Capaldi of Fenix,<br />
Melbourne and Joseph<br />
Martin, Pan Pacific<br />
Singapore, pitted their<br />
culinary skills in the galley of<br />
the respective Clipper yachts<br />
before a distinguished panel<br />
of connoisseurs and the<br />
media.<br />
The rules were simple – the<br />
food had to have taste, style,<br />
be innovative and reflect the<br />
personality of the three<br />
nations in which they work<br />
and be suitable for crews to<br />
cook at sea.<br />
Special guest Sir Robin Knox-<br />
Johnston, founder of Clipper<br />
Ventures, also joined in the<br />
culinary escapade, whipping<br />
up his infamous ‘bully beef<br />
curry’.<br />
Blending rich heritage with<br />
current culinary trends and<br />
ingredients, the event left<br />
everyone with a unique<br />
and memorable dining<br />
experience.<br />
Continues on page 26...<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
26 Team<br />
...continued from page 25.<br />
ASEAN AT HOME<br />
As part of the Uniquely<br />
Singapore experience, the<br />
ASEAN contingent was<br />
hosted by several local crew<br />
members in their homes<br />
during the nine-day stopover.<br />
The ASEAN home-stay<br />
programme encouraged the<br />
crew to spend quality time<br />
together, while getting to<br />
know more about Singapore<br />
and its myriad of cultures and<br />
cuisine.<br />
The word ‘unique’ best sums up my<br />
Singapore experience. This is my second time<br />
in Singapore and I have learnt a lot from my<br />
home-stay with Desmond. I take public<br />
transport, and in doing so, had the<br />
opportunity to observe firsthand how<br />
Singaporeans live and work. Chinatown was<br />
my favourite place. The food, atmosphere,<br />
lights and sounds reminded me of<br />
Chinatown back in the Philippines. As we<br />
embark on the next race, I am thankful for<br />
the wonderful memories of Singapore and<br />
the many friendships I have forged here.<br />
Valerio B. Ramos Jr,<br />
ASEAN crew member, The Philippines<br />
Serious crew bonding sessions take place in the evenings in the homes of the local crew as<br />
well as out at Singapore’s best known hangouts<br />
Living in a HDB flat with Yolyn Sim and<br />
her family is the best part of my stay in<br />
Singapore. Together with the other Clipper<br />
crew members, I was fortunate to explore<br />
Singapore in an atypical way, similar to<br />
reality show, The Amazing Race. We had<br />
to search for clues in different parts of<br />
Singapore which brought us to locations<br />
like Raffles Place, Little India and<br />
Chinatown. It was exceptional!<br />
Erma Rheindrayani Siswowaluyo,<br />
ASEAN crew member, Indonesia<br />
Singapore, we love you!<br />
The Singapore stopover was absolutely<br />
fantastic! It’s nice to have had such a warm<br />
welcome after being out at sea for so long.<br />
Harry Smith,<br />
Crew member of the Jamaican Clipper<br />
Fast friends – ASEAN crewmember Valerio B. Ramos Jr (right) and his host <strong>Keppel</strong> Ambassador<br />
Desmond Lim<br />
Singapore is one of the best stopovers so far<br />
and the hospitality has been wonderful. It’s<br />
a pity to have to leave the warmth behind<br />
and head out into the cold in Qingdao,<br />
but we are ready for the adventure!<br />
Lyn Condratoff,<br />
Crew member of the Western Australia Clipper<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Onboard Uniquely Singapore Team 27<br />
A close encounter – Western Australia’s crew member comes face to face with the lions of<br />
Singapore, who presented them with mandarin oranges for good luck<br />
Lions rally to bestow Uniquely Singapore with an auspicious start in the race to Qingdao –<br />
From Left: Ms Winnie Pua, STB’s Director of Brand Management; Mr Teo Soon Hoe, Senior<br />
Executive Director of <strong>Keppel</strong> <strong>Corporation</strong>; Mark Preedy, Skipper of Uniquely Singapore;<br />
Mr Lim Chee Onn, Executive Chairman of <strong>Keppel</strong> <strong>Corporation</strong> and Sir Robin Knox-Johnston,<br />
Founder of Clipper Ventures with the Uniquely Singapore crew members<br />
RACING OFF TO<br />
QINGDAO<br />
After nine days of adventure<br />
and discovery on the sunny<br />
shores of Singapore, the grand<br />
fleet of 10 Clipper yachts<br />
bade farewell to the island<br />
on 27 <strong>January</strong> <strong>2008</strong> to reembark<br />
on the race to<br />
Qingdao.<br />
“In the last nine days, we<br />
have seen families, friends<br />
and fans of crew members<br />
from all across the world rally<br />
to cheer on the Clipper fleet.<br />
The Clipper 07-08 Race<br />
stopover at Marina at <strong>Keppel</strong><br />
Bay has not only added<br />
colour and excitement to this<br />
vibrant southern waterfront<br />
hub; it has also generated<br />
goodwill for the local sailing<br />
fraternity and raised public<br />
interest in the sport,” said<br />
Mr Lim Chee Onn, Executive<br />
Chairman of <strong>Keppel</strong><br />
<strong>Corporation</strong>, who flagged<br />
off the Clipper yachts at<br />
Marina at <strong>Keppel</strong> Bay.<br />
Bon Voyage Uniquely Singapore! Families, friends and well-wishers rush to say their goodbyes as the yacht sails out of <strong>Keppel</strong> Bay<br />
The Clippers were also sent<br />
off by a majestic pride of 20<br />
lions, which presented each<br />
of the ten skippers with a<br />
scroll wishing them – yi fan<br />
feng shun, peng cheng wan<br />
li – smooth sailing and a<br />
bright future ahead, as well<br />
as mandarin oranges for<br />
good fortune and prosperity.<br />
keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
28 Team<br />
Goodbye 2007, Hello <strong>2008</strong>!<br />
Old friendships were<br />
rekindled and new ties made<br />
on 31 December 2007<br />
when senior employees of<br />
<strong>Keppel</strong> Offshore & Marine<br />
gathered to celebrate the<br />
organisation’s sterling<br />
performance in 2007 as well<br />
as usher in the new year.<br />
In line with the theme of<br />
“All That Glitters”, the<br />
celebration was held at the<br />
Reflections at <strong>Keppel</strong> Bay<br />
show gallery and guests were<br />
dressed to the nines.<br />
<strong>Keppel</strong>ite shares some<br />
moments of the night filled<br />
with dance, games and<br />
cheer. keppelite<br />
Farewell 2007, Welcome <strong>2008</strong>!<br />
Penning good wishes to <strong>Keppel</strong> O&M<br />
Joining in the celebration were<br />
friends from <strong>Keppel</strong> <strong>Corporation</strong>’s Group Corporate<br />
Communications<br />
<strong>Keppel</strong> <strong>Corporation</strong> Executive Chairman,<br />
Mr Lim Chee Onn gets a surprise from<br />
one of the performers<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Team 29<br />
Mrs Eileen Choo (first from left), Miss Wang Look Fung<br />
(second from left), GM, Group Corporate Communications,<br />
<strong>Keppel</strong> <strong>Corporation</strong> and dancers from Dance Dynamix<br />
entertained the crowd with several dance routines<br />
Even the youngest ones enjoyed a dance workshop where they picked up some moves<br />
Showing how nimble he is, Mr CY Ho, Senior GM<br />
(Group Procurement) of <strong>Keppel</strong> O&M clears the<br />
limbo stick with ease<br />
Turning up the heat on the dance floor<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
30 Team<br />
Vigilance put to the test<br />
It seemed to be a normal work<br />
morning on 11 December<br />
2007 when security personnel<br />
spotted a suspicious looking<br />
male entering <strong>Keppel</strong><br />
Shipyard Benoi on a sampan<br />
through the slipway.<br />
Minutes later, yellowish<br />
smoke could be seen on<br />
board the Vessel Golar Spirit.<br />
Workers onboard the vessel<br />
were immediately evacuated.<br />
The Singapore Civil Defence<br />
Force (SCDF) and Police were<br />
alerted as <strong>Keppel</strong>’s Safety<br />
and Security officers swung<br />
into action, rushing to the<br />
scene in an instant. A search<br />
party for the suspect began<br />
in earnest while another<br />
force equipped to handle<br />
such critical situations<br />
assisted the SCDF to<br />
investigate the nature of the<br />
agent used in the chemical<br />
gas attack.<br />
The suspect was soon found<br />
and SCDF escorted him<br />
down and proceeded to<br />
decontaminate him. It turned<br />
out that the intruder was<br />
a disgruntled ex-contract<br />
worker who purchased<br />
ammonia gas and set it off<br />
on board the vessel to<br />
vent his frustrations against<br />
the <strong>Keppel</strong> Shipyard<br />
Management.<br />
The intruder was then<br />
handed over to the police to<br />
be dealt with according to<br />
the law.<br />
Having neutralised the<br />
ammonia gas and<br />
ascertained that it was not a<br />
terrorist-related incident, the<br />
green light was given for the<br />
Exercise to stand down.<br />
<strong>Keppel</strong> Shipyard (Benoi) security expertly assisting the SCDF with the containment of the<br />
suspected chemical attack<br />
A Command Post was also<br />
set up for command and<br />
control in co-coordinating<br />
both the external and<br />
internal response teams.<br />
People complaining of any<br />
symptoms such as itchiness,<br />
teary eyes, shortness of<br />
breath or vomiting were<br />
referred to the yard’s inhouse<br />
doctor at the<br />
temporary First Aid centre.<br />
They showered off and were<br />
quarantined before the<br />
arrival of the SCDF for a<br />
chemical decontamination.<br />
SCDF officers decontaminating the suspect as they bring him down from the vessel<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Team 31<br />
This marked the end of a<br />
successful joint Exercise code<br />
named “Hazmat” held<br />
with the Divisional Police,<br />
Singapore Civil Defense<br />
Force (SCDF), Police<br />
Coastguard, Captain of the<br />
vessel “Golar Spirit” and the<br />
Yard’s Security & Safety at<br />
<strong>Keppel</strong> Shipyard Benoi (KSB).<br />
This was the sixth in a series<br />
of International Ship and<br />
Port Facility Security Code<br />
(ISPS) exercises since it<br />
started in mid 2004, aimed<br />
at strengthening <strong>Keppel</strong><br />
O&M’s Business Continuity<br />
Plan (BCM).<br />
The plan was painstakingly<br />
developed to identify<br />
potential threats and their<br />
impact on the organisation’s<br />
operations.<br />
Employees of CSC being “quarantined” at the medical centre while undergoing temperature checks<br />
This in turn will help in the<br />
development of response,<br />
continuity and recovery<br />
plans to ensure that<br />
critical functions recover<br />
promptly and increase the<br />
organisation’s resilience to<br />
unplanned disruptions in<br />
assets and personnel.<br />
Anthony Toh, Group Security<br />
Manager of <strong>Keppel</strong> O&M<br />
said, “This exercise may have<br />
taken many months to plan<br />
but it has now prepared us<br />
to save many lives and<br />
help set in place proper<br />
procedures for the future of<br />
the company. Combined<br />
training and exercises with<br />
Government agencies help<br />
us hone our own security and<br />
safety procedures when<br />
faced with compromising<br />
situations.<br />
“It is an exercise everyone in<br />
the yard appreciates, from<br />
customers to sub-contractors<br />
and our exercise today is<br />
testament to the effectiveness<br />
of our BCM plan.”<br />
CASPIAN SHIPYARD KEEPS<br />
CLEAR OF AVIAN FLU<br />
The outside temperatures<br />
were already freezing at<br />
Caspian Shipyard Company<br />
(CSC) when employees<br />
starting the day’s work found<br />
their own temperatures<br />
being taken to check for<br />
Avian Flu.<br />
Over five days, from<br />
6 December 2007, CSC<br />
conducted random<br />
temperature testing to gauge<br />
the yard’s pandemic<br />
preparedness in the event of<br />
a potential outbreak. This<br />
would help protect the<br />
health of its workers and<br />
minimise any disruption to<br />
the yard’s operations.<br />
More than 50 employees<br />
were tested and despite<br />
the cold weather, the<br />
exercise was well-received<br />
as employees realised<br />
susceptibility to the virus<br />
occurs regardless of the<br />
weather.<br />
Chief Financial Officer, Elshan<br />
Kurbanov said, “The bird<br />
flu exercise at CSC was part<br />
of of <strong>Keppel</strong> O&M’s risk<br />
managment strategy for<br />
overseas yards like CSC. This<br />
helps us to stay vigilant. We<br />
feel prepared in the event of<br />
an outbreak that the yard’s<br />
operations will not be<br />
disrupted.<br />
“We have learnt well from<br />
this exercise and improved<br />
our existing procedures.”<br />
keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
32 People<br />
<strong>Keppel</strong>ites Abroad<br />
Fresh start in Tianjin<br />
At 26, Yeo Hwee Pey is<br />
perhaps among the youngest<br />
<strong>Keppel</strong>ites to venture on an<br />
overseas posting.<br />
After a little over three<br />
years with <strong>Keppel</strong> Land’s<br />
Regional Investments team in<br />
Singapore, the gutsy young<br />
lady decided to uproot<br />
herself to take on new<br />
challenges in the belly of<br />
China’s rising second-tier city,<br />
Tianjin.<br />
“Having accumulated some<br />
work experience at<br />
headquarters (<strong>Keppel</strong> Land),<br />
I hoped to gain more handson<br />
experience and exposure<br />
from an overseas posting, so<br />
when William Tan, my<br />
mentor under the Regional<br />
Investments Young Managers’<br />
Programme mentioned that<br />
he was looking for additional<br />
manpower for the North<br />
China team, I grabbed the<br />
opportunity!” she says.<br />
Just a month into her<br />
posting, Hwee Pey is slowly<br />
settling into her new role<br />
in business development,<br />
which includes identifying<br />
and evaluating new real<br />
estate opportunities as well<br />
as securing new deals,<br />
among others.<br />
New as she is to the City, she<br />
observes that there are many<br />
people, Singaporeans for<br />
that matter, who have yet to<br />
hear of Tianjin.<br />
“Compared to the big cities<br />
like Shanghai and Beijing,<br />
Tianjin seems more ‘ulu’<br />
(rural) so they wonder if there<br />
are modern amenities here.<br />
“In reality, there is a lot of<br />
buzz about Tianjin. It receives<br />
significant political and<br />
media attention and is<br />
geared to be the next hot<br />
spot following Shenzhen and<br />
Shanghai,” she explains<br />
passionately.<br />
Yet, Hwee Pey readily admits<br />
that it was tough at first to<br />
leave behind the comfort of<br />
home. “In Singapore, we are<br />
used to a certain way of<br />
doing things, there’s a sense<br />
of familiarity; you know what<br />
to expect and how to react.<br />
“One could afford to be<br />
passive in such an insulated<br />
environment, but once in a<br />
new place, I had to stop<br />
making comparisons to<br />
home and take the extra step<br />
to start asking questions and<br />
figuring out how things work<br />
here in Tianjin,” she says.<br />
But thanks to her warm,<br />
understanding colleagues,<br />
including those from<br />
<strong>Keppel</strong> <strong>Corporation</strong>’s<br />
Tianjin representative office<br />
and <strong>Keppel</strong> Integrated<br />
Yeo Hwee Pey makes bold strides into Tianjin<br />
Engineering who are just<br />
around the bend, Hwee Pey<br />
is never alone.<br />
“Interacting with them has<br />
been fun. Many of them<br />
have never visited Singapore<br />
and are eager to find out<br />
more. They find it strange<br />
that we don’t have the four<br />
seasons back home!” she<br />
muses.<br />
To Hwee Pey, her China<br />
posting is a natural<br />
progression from her previous<br />
work at <strong>Keppel</strong> Land’s<br />
headquarters. She reckons<br />
that she will be able to put<br />
what she has learnt over the<br />
past few years into good use.<br />
During her two-year stint<br />
in Tianjin, Hwee Pey also<br />
hopes to embark on greater<br />
adventures, seeing a chance<br />
to discover more about<br />
herself.<br />
“I want to be right here in<br />
the thick of action to build<br />
up my business development<br />
skills. Before my commitments<br />
grow as I get older, I wanted<br />
to have a taste of life out there<br />
on my own and to stretch my<br />
limits, to see how far I can go,”<br />
she says. keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Community 33<br />
People 33<br />
Rewarding excellence<br />
24 delighted young people<br />
received bursaries and<br />
scholarships at The <strong>Keppel</strong><br />
Employees Union Scholarship/<br />
Bursary Awards ceremony<br />
at the PSA Club on<br />
28 December 2007.<br />
These awards were for for<br />
PLSE, GCE “O” Level,<br />
polytechnic and university<br />
courses.<br />
Gracing the occasion was<br />
Mr Seng Han Tong, NTUC<br />
Assistant Secretary General<br />
and MP for Yio Chu Kang.<br />
Mr Phang Weng Onn,<br />
General Secretary of <strong>Keppel</strong><br />
Employees Union said, “Our<br />
education system gives<br />
children the chance for<br />
upward mobility. Our system<br />
doesn’t ask where you live<br />
and where you come from.<br />
It only asks if you are capable<br />
and willing to scale the peaks<br />
of excellence.”<br />
Two-time award recipient<br />
Nithianathan s/o Sigamani<br />
who is pursuing his chemical<br />
engineering degree at the<br />
Nanyang Technological<br />
University, said, “I feel very<br />
privileged to receive this<br />
award, especially since I<br />
got one for my “A” levels.<br />
It has helped me to<br />
achieve my dream of<br />
becoming a chemical<br />
engineer.” keppelite<br />
Giving children of <strong>Keppel</strong>ites a better future – The ceremony was witnessed by MP (Yio Chu Kang ) Mr Seng Han Tong (2nd row, 5th from right)<br />
<strong>Keppel</strong>ites’ tour of duty<br />
Mr Koh Tah Seng has<br />
completed his secondment<br />
to PrimeSteelKit and has<br />
returned to Singapore as<br />
Senior Commercial Manager<br />
of <strong>Keppel</strong> Singmarine with<br />
effect from 10 <strong>January</strong> <strong>2008</strong>.<br />
Mr Charles Yap will replace<br />
Mr Toh as General Manager<br />
of PrimeSteelKit as well as<br />
take up the appointment<br />
of General Manager<br />
(Business Development) of<br />
<strong>Keppel</strong> Singmarine starting<br />
22 December 2007. He<br />
leaves his post as President<br />
of Subic Shipyard &<br />
Engineering Inc after close to<br />
3 1/2 years there.<br />
Mr Mok Khim Wang,<br />
previously General Manager<br />
(Operations) of <strong>Keppel</strong><br />
Shipyard (Benoi), has taken<br />
over the mantle of President,<br />
Subic Shiyard and<br />
Engineering Inc with effect<br />
from 19 Novermber 2007.<br />
Mr Albert Kee, the Yard<br />
Manager (Operations) of<br />
<strong>Keppel</strong> Shipyard (Tuas) has<br />
been promoted to General<br />
Manager (Operations) of<br />
<strong>Keppel</strong> Shipyard (Benoi).<br />
keppelite<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
34 Community<br />
All eyes on health<br />
Our eyes are our windows to<br />
the world and we must take<br />
good care of them.<br />
There are many eye diseases<br />
that can occur without any<br />
signs or symptoms in their<br />
early development. And by<br />
the time you discover the<br />
problem, irreversible damage<br />
may have been inflicted to<br />
the eyes. It is therefore<br />
important to see your<br />
optometrist for regular eye<br />
examinations.<br />
The <strong>Keppel</strong> Credit Union<br />
(KCU) has recently tied up<br />
with the New Optometry<br />
and Ocular Care Centre<br />
(NOOCC) to offer KCU<br />
members a special rate<br />
for a comprehensive eye<br />
examination by professionally<br />
trained optometrists.<br />
Launched on 1 <strong>January</strong> this<br />
year, the tie-up will provide<br />
all KCU members an<br />
understanding of general eye<br />
care and to ensure that<br />
everyone has good eye<br />
health.<br />
To help KCU members better<br />
understand the subsidy,<br />
NOOCC and KCU held a<br />
presentation on 29 <strong>January</strong> at<br />
<strong>Keppel</strong> Shipyard’s (Tuas)<br />
Multi-purpose Hall.<br />
Length of Net Payment Subsidy Public Savings<br />
Membership By Member Amount Price $ %<br />
02-05 Years $47.40 $20.00 $80.25 $32.85 41%<br />
05-10 Years $42.40 $25.00 $80.25 $37.85 47%<br />
10-15 Years $37.40 $30.00 $80.25 $42.85 53%<br />
15-20 Years $32.40 $35.00 $80.25 $47.85 60%<br />
>20 Years $27.40 $40.00 $80.25 $52.85 66%<br />
Besides the special rate<br />
given by NOOCC, the cooperative<br />
will also subsidise<br />
the cost based on length of<br />
membership with KCU. The<br />
subsidies and savings are as<br />
follows:<br />
To enjoy the savings, simply<br />
obtain a letter / email from<br />
KCU.<br />
Do contact Donald Sng at<br />
6273 1555 or email<br />
donaldsng@kcu.org.sg.<br />
For further information, you<br />
may also contact NOOCC<br />
directly.<br />
NOOCC<br />
300 Margaret Drive<br />
Singapore 149302<br />
Telephone: 6471 1771<br />
Website: www.noocc.com<br />
Email: patientcare@noocc.com<br />
keppelite<br />
Enjoy up to 66% savings on eye checkups with the KCU – NOOCC tie up<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
Community 35<br />
volunteers<br />
<strong>Keppel</strong><br />
Greenhorns to green fingers<br />
For more than almost eight<br />
years since its inception,<br />
<strong>Keppel</strong> Volunteers has<br />
been actively engaged with<br />
its adopted charity, the<br />
Association for Persons with<br />
Special Needs (APSN).<br />
One of the APSN’s main<br />
objectives is improving the<br />
employability factor of its<br />
Centre For Adults (CFA)<br />
clients and the <strong>Keppel</strong> Group<br />
has sponsored $19,000 for<br />
their hydroponics farm pilot<br />
project.<br />
The CFA provides training<br />
and sheltered workshops for<br />
intellectually-disabled clients<br />
above 18 years old and APSN<br />
is constantly exploring new<br />
and innovative ways to train<br />
their clients with relevant skill<br />
sets.<br />
A hydroponics farm would<br />
provide this sheltered<br />
environment for the clients<br />
to learn skills in hydroponics<br />
farming that include seeding,<br />
transplanting, harvesting,<br />
cropping, packaging and<br />
selling the produce.<br />
In addition, their social skills<br />
can be further enhanced as<br />
they learn to work with<br />
different people. With the<br />
hydroponics facility, CFA will<br />
be able to train 150 clients<br />
on the farm.<br />
Starting the year off on<br />
a green note, <strong>Keppel</strong><br />
Volunteers underwent a<br />
training session at the<br />
hydroponics farm on<br />
18 <strong>January</strong> <strong>2008</strong> to have<br />
a better understanding of<br />
the procedures. This would<br />
be essential for <strong>Keppel</strong><br />
Volunteers to work<br />
effectively alongside CFA<br />
clients on the farm during<br />
future activities.<br />
Mr Teo Soon Hoe, Senior<br />
Executive Director and Group<br />
Finance Director of <strong>Keppel</strong><br />
<strong>Corporation</strong>, was the Guestof-Honour<br />
at the APSN<br />
Hydroponics Farm Harvest<br />
ceremony that day.<br />
In his speech before officially<br />
opening the greenhouse,<br />
Mr Teo commended the<br />
Centre’s efforts.<br />
“I would like to applaud<br />
them for their work over<br />
the past few months and<br />
encourage their continuous<br />
efforts to learn and improve<br />
the operations of the farm,”<br />
he declared. keppelite<br />
Accompanied by Dr Francis Chen, APSN Acting President (left) and Mr Chan Chee Keong,<br />
Chairperson of APSN CFA Management Committee (right), Mr Teo harvested the first crop of<br />
vegetables at the opening ceremony of the hydroponics farm<br />
<strong>Keppel</strong> Volunteers learn the intricacies of hydroponics farming to develop their green fingers!<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>
36<br />
BackPage<br />
Second drillship awarded to<br />
<strong>Keppel</strong> by repeat customer<br />
<strong>Keppel</strong> Shipyard has been<br />
awarded a contract worth<br />
around $145 million to<br />
integrate and complete a<br />
new build “Bully” drillship.<br />
<strong>Keppel</strong> secured the contract<br />
with a company jointly<br />
owned by Frontier Drilling<br />
and Shell.<br />
This is the second drillship of<br />
the “Bully” rig design<br />
awarded to <strong>Keppel</strong> by the<br />
same owners. The first<br />
“Bully” drillship was<br />
awarded in June 2007 with<br />
delivery by fourth quarter<br />
2009.<br />
The new hull will be built in<br />
China and is due to arrive at<br />
<strong>Keppel</strong> Shipyard in the first<br />
quarter of 2009. The drillship<br />
is expected to be delivered by<br />
the second quarter of 2010.<br />
Mr Nelson Yeo, ED of<br />
<strong>Keppel</strong> Shipyard, said,<br />
“Owners continue to see<br />
value and viability in using<br />
<strong>Keppel</strong> to carry out the<br />
complex integration and<br />
completion of drillships and<br />
FPSOs utilising hulls built<br />
elsewhere.”<br />
The “Bully” drillships are<br />
designed to conduct surface<br />
BOP (Blow-out Preventer)<br />
drilling operations in water<br />
depths of up to 12,000 ft<br />
and sub-sea BOP operations<br />
in water depths of up to<br />
8,250 ft as equipped (up to<br />
10,000 ft capability). The<br />
total drilling depth below the<br />
drill floor is 40,000 ft. The<br />
drillships will also be<br />
equipped with ice-class hulls<br />
and fitted with Dynamic<br />
Positioning (DP-2) capabilities.<br />
<strong>Keppel</strong> Shipyard’s work<br />
scope for the Bully 2 includes<br />
installation, integration and<br />
completion of the owner<br />
supplied power generation,<br />
thrusters and drilling<br />
equipment packages on a<br />
new hull. keppelite<br />
The <strong>Keppel</strong> Shipyard and Frontier Drilling teams looking forward to another fruitful relationship as Mr Nelson Yeo, Executive Director of <strong>Keppel</strong> Shipyard (4th from right) seals the deal with Mr<br />
Vern Westerhout, Project Director of Frontier Drilling (6th from right)<br />
<strong>Keppel</strong>ite I <strong>January</strong> <strong>2008</strong>