Breaking the Arctic ice - Keppel Corporation

Keppel Group Newsletter 

Keppelite 

Developing a world- 

class workforce 14 

Premier academy at 

Keppel Bay 26 

Top honours at 

MAXA 44 

MICA(P) NO. 047/11/2007 

eppel 

NOVEMBER 2008 

www.kepcorp.com/ekeppelite 

Breaking the Arctic ice 

Keppelite I November 2008

eppel 

Published for people in the Keppel Group by the Group Corporate Communications Division, Keppel Corporation Limited, 1 HarbourFront Ave, #18-01 Keppel Bay Tower, 

Singapore 098632. Printed by Image Printers Pte Ltd, Blk 1002, Redhill Industrial Estate, Jalan Bukit Merah, #03-12, Singapore 159456. 

Editorial Advisor 

Wang Look Fung 

Editor 

Andrew Ong 

Editorial Committee 

Ang Lai Lee, Catherine Tan, Chen Xi, Cheryl Tang, Chua Ying Ying, Chua Yong Hwee, Diana Chan, Donald Sng, Eva Ho, Geraldine Lai, Grace Chia, Ivana Chua, Irene Lee, 

Jacquelyn Wong, Jeanette Pang, Joey Ho, Lee Yin Chiin, Lynette Goh, Mak Chui Ling, Marianne Goh, Mohd Nor Nordin, Phang Weng Onn, Rebecca Ng, Roy Tan, Sarah Seah, 

Say Huan Yuan, Serena Toh, Teri Liew, Woon Pek Yong 

Keppelite I November 2008 

4 

Contents 

BUSINESS 

Creditable performance in challenging times 4 

Staying focused 6 

Delivering consistent growth 8 

Creating value 11 

Reigning safety records 13 

Developing a world-class workforce 14 

Building capacity 16 

Star performer 17 

Steering a steady course 18 

Shipshape for the future 19 

Synergy for sustainable growth 20 

Green stamp for Keppel Land 21 

The Princesse cut 

Special Focus 

Breaking the Arctic ice 22 

Innovation rewards 25 

Singapore’s first RYA-accredited training centre 26 

Partners through time and tide 28 

Expanding technological premises 29 

Spearheading marine R&D 

36 

37 

East meets waste 30 

Jacking up global standards 

Strengthening foundations 31 

TEAM 

Safety sharing 32 

Fired up to be first-class 33 

Regional limelight 

Aspirations take flight 34 

Almost a homecoming 36 

United colours of a family 37 

Bolstering team spirit 38 

PEOPLE 

Keppelites Abroad 

Siew far, so good 39 

COMMUNITY 

Green Initiatives 

Green look at life 40 

Nurturing communities 41 

Give blood, save lives 

Marina at Keppel Bay goes Dutch! 42 

Keppel Volunteers 

Planting friendships, connecting people 43 

BACK PAGE 

Top award in manufacturing innovation 44 

CO REG NO: 196800351N

Editorial 

Training in tough times 

With the world economy in shambles, many 

businesses are battening down the hatches, 

preparing for rough seas ahead. It is not surprising 

that companies are looking at all means to trim 

overheads. 

Unfortunately, an early victim is often human 

capital investment. However, this short-sighted 

cost-cutting strategy may hurt the company in the 

long run. 

At Keppel, we live up to our commitment towards 

people development through continual investment 

in training and talent management initiatives. In 

good times but also in the tough times too, we 

never stopped growing our talent pool. 

Last month, the launch of the new Keppel Offshore 

& Marine Group Training Centre clearly 

demonstrates our commitment in building up the 

capabilities of our workforce. Indeed, Keppel O&M 

has raised its annual investment in training to 

$23 million in 2008, from $17 million last year. 

Gearing up for the future, the training centre 

draws a wealth of experience and expertise from 

Keppel O&M’s established global network of 20 

yards and 10 engineering and technology units, 

to take leadership in technical training to meet 

market needs. 

Keppel has always viewed people development 

as a vital part of its operations. In fact, we believe 

a steady diet based on a solid curriculum aligned 

with our operations not only bolsters our 

businesses during slowdowns but makes us 

stronger when the economy recovers. 

In times of turbulence, skills training can help boost 

morale and commitment. This will result in more 

productive and committed employees. As such, 

training that equips employees with the tools to 

better service our customers is not a cost or a frill. 

There is no better time than now to train and retain 

our human capital. 

The search for and development of good people 

to power our long-term growth is part of Keppel’s 

continuing growth strategy. In a recession, 

everyone feels the pain. But companies that see a 

recession as an opportunity in employee 

performance improvement have the potential to 

realise long-term gain. 

Downturns and recession weed out the weak. One 

of the best antidotes is maintaining strong 

employee development. A committed and 

competent workforce will separate those 

companies who will continue do well in difficult 

times from those that perform well only when the 

market is good. 

What is expected of every Keppelite now is to stay 

on course, to brace ourselves by continuing to 

upgrade our skills. 


4 Business 

Creditable performance in 

challenging times 

The Sino-Singapore Tianjin Eco-City is envisioned to bring people and nature together in a harmonious and sustainable environment 

For the first nine months of 

2008, Keppel Corporation 

remained firmly on track in 

delivering earnings growth 

by achieving a record 

attributable profit of 

$834 million, which was 

10% higher than that of 

2007. 

EPS were 52.4 cents and 

annualised ROE remained 

above 20% at 21.5%. EVA 

of $614 million was 

$27 million higher. 

Group revenue in the third 

quarter of $3,216 million 

was 24% above that of the 

corresponding quarter in 


2007. Higher revenues were 

reported by all divisions 

except for Property Division 

which was affected by the 

softer market condition. 

Group attributable profit of 

$273 million was 10% above 

the same quarter in the 

previous year. Higher profits 

were reported by Offshore & 

Marine and Infrastructure 

Divisions. However, profits 

from Property Division 

and Singapore Petroleum 

Company (SPC) were lower. 

GROUP REVENUE 

Group revenue of 

$8,071 million for 9M 2008 

was $998 million or 14% 

above that of 9M 2007. 

Revenue from Offshore 

& Marine Division of 

$5,581 million was 11% 

higher. The Division 

completed and delivered 29 

vessels on schedule for its 

customers. 

Revenue from Property 

Division of $722 million was 

47% lower. The decrease 

was due to the absence of 

significant launches in the 

current year. Rental income 

from investment properties 

increased due to higher 

rental rates and occupancy. 

At the Keppel Land level, 

revenue was $645 million 

compared with $1,037 

million for the corresponding 

period last year. 

Revenue from Infrastructure 

Division increased by almost 

two-fold to $1,742 million. 

Revenue generated from 

the cogeneration power 

plant in Singapore and 

environmental EPC contracts 

contributed to the significant 

increase in revenue. 

PROFITS 

At the pre-tax level, Group 

profit of $1,200 million was 

6% higher than the first nine 

months with increased

contribution from Offshore 

& Marine, Infrastructure and 

Investments, partially offset 

by lower contribution from 

Property. Earnings from 

Offshore & Marine Division 

of $646 million were 18% 

above the previous year. 

Operating profit and 

contribution from associated 

companies were higher. 

The Property Division posted 

profit of $268 million, 

$73 million or 21% lower 

than the previous year. The 

decrease was due to the 

lower sales of residential 

properties and share of profit 

from associated companies. 

The Infrastructure Division 

continued to make 

encouraging progress, 

contributing $52 million to 

Group pre-tax profit. Profit 

from Investments was higher 

because of lower interest 

cost and higher investment 

gains, partially offset by 

lower profit from SPC. 

The income tax expenses of 

the Group included a write- 

9M 2008 FINANCIAL RESULTS SUMMARY FOR THE KEPPEL GROUP 

Company PATMI* (S$M) %YOY EPS # (CENTS) %YOY 

Keppel Corporation 833.9 10.1 52.4 9.4 

Keppel Land 159.1 -23.2 22.1 -23.3 

Keppel T&T 35.0 0.8 6.3 – 

SPC 279.4 -28.3 54.2 -28.2 

* Before exceptional items 

# Basic EPS 

back of $6.2 million for tax 

provision in respect of prior 

years. After minority share 

of profit, the attributable 

profit to shareholders of 

$834 million was $76 million 

or 10% higher than the 

corresponding period in 

2007. 


remains the largest 

contributor to attributable 

earnings with 58%, followed 

by Investments with 23%, 

Property Division with 14% 

and Infrastructure Division 

with 5%. 

PROSPECTS 

Outlook for the global 

economy has deteriorated 

Keppel Offshore & Marine’s net orderbook of $13 billion with deliveries into 2012 is expected 

to keep the division busy 

and the world is grappling 

with the prospect of slower 

economic growth. 

Nonetheless, this is not 

expected to have a 

significant impact on the 

overall performance of the 

Group for the full year 2008. 

Keppel Offshore & Marine 

has secured $5.2 billion of 

new contracts for the first 

nine months of 2008. The 

outstanding net orderbook 

of $13 billion with deliveries 

into 2012 is expected to 

keep our yards busy. The 


will continue to be the 

largest contributor to the 

profit of the Group. 

Our outstanding contracts 

are cashflow positive and 

progressing on schedule. We 

continue to receive active 

enquiries on new orders. Our 

track record of on-time 

delivery and our suite of 

proprietary rig design will 

put us in good stead in 

competing for these orders. 

The slower economic growth 

in the world is expected to 

result in the softening of the 

property market. Sales of 

Singapore and regional 

Business 5 

private residential properties 

in the first nine months of 

this year have been subdued. 

The progressive recognition 

of revenue and profit of 

residential properties sold in 

the past two years is 

expected to provide a good 

base for the Property 

Division, until confidence 

returns to the market. Our 

Property Division is in a 

position to ride through the 

current market gyrations and 

seize opportunities as the 

market stabilises. 

In the Infrastructure Division, 

our portfolio of sovereign 

sponsored projects in 

energy and environmental 

engineering will provide the 

division with a core base of 

revenue and profits. The 

Division will continue to 

seek out opportunities for 

more projects as valuations 

moderate and the market 

consolidates. 

The Group is virtually debtfree 

and the balance sheet 

is strong. We will brace 

ourselves to meet the 

challenges in this difficult 

market and seize 

opportunities as the financial 

turmoil unfolds. keppelite 


6 Business 

Staying focused 

Keppel Corporation remained on track to deliver a strong set of results for 

3Q 2008. At the results announcement, Executive Chairman Mr Lim Chee Onn 

outlined Keppel’s strategy to stay prudent and measured until conditions 

stabilise. 

STURDY PERFORMANCE 

IN CHALLENGING TIMES 

The subprime problem which 

originated in the U.S. initially 

snowballed into a financial 

crisis. It has since spread 

globally to threaten the 

wider economy. As a result 

major economies in the U.S., 

Europe and parts of Asia are 

now experiencing a sharp 

slowdown. Indeed the 

operational landscape for 

businesses has changed 

dramatically even compared 

with that of only a few 

months ago. 

Against this backdrop, I am 

pleased to announce that 

our 3Q 2008 PATMI has 

remained on track, rising 

10% to $273 million. This 

brings our year-to-date 

PATMI to $834 million which 

is also an increase of 10% 

over 3Q 2007. With the 

measures we have put in 

place in the recent past we 

expect to stay on course for 

the rest of the year. 

PRUDENT AND 

MEASURED APPROACH 

Given the uncertainties 

and likelihood of further 

deterioration in the global 

economies, we have taken 

the prudent step to 

consolidate our resources for 


the time being. Our focus 

now is to execute our 

orderbook well and deliver 

value to our customers. We 

shall keep our powder dry 

until the current volatile 

conditions stabilise. Let me 

now examine each of our 

core businesses. 

We believe that the 

fundamentals underpinning 

rig and FPSO demand are 

still intact although in the 

foreseeable future, some rig 

owners’ ability to expand 

their fleet could be 

constrained by tight credit. 

A slowdown in rig orders 

over the next 12 to 15 

months should not have too 

significant an impact on us 

as Keppel Offshore & Marine 

(Keppel O&M) has about 

$13 billion in orders 

stretching up to 2012. 

Moreover we have already 

received a total of 50% 

payment for all Keppel 

O&M’s existing contracts. 

Our orderbook is robust and 

well-diversified, comprising 

national oil companies 

such as Petrobras and 

PetroVietnam and large oil 

services companies. Our 

business philosophy has 

always been to grow 

prudently even in good 

With rapid urbanisation and middle-class expansion, Vietnam’s housing market continues to 

display substantial growth potential in the longer term 

times. For this reason we 

have been and shall continue 

to be selective in securing 

projects. As a rule we do not 

bid aggressively and where 

possible we avoid deferred 

payment contracts. I believe 

this approach will continue 

to serve us well as it has done 

in the past. 

Crude oil and refined 

products prices have been 

extremely volatile, causing 

sharp swings in refining 

margins. It is in anticipation 

of this volatility that has 

prompted Singapore 

Petroleum Company to 

intensify its efforts over 

the past few years to grow 

its upstream activities to 

partially mitigate weaker 

refining profits. We shall 

continue to move in this 

direction whenever the 

opportunity presents itself.

The Tuas South waste-to-energy plant in Singapore is making satisfactory progress and is slated to begin operations in 2009 

Property markets will 

continue to undergo 

consolidation. In Singapore, 

our two key residential 

projects are the Marina Bay 

Residences, coupled with the 

yet to-be-launched Marina 

Bay Suites, and Keppel Bay 

development. Notably, we 

did not acquire the land to 

develop Keppel Bay as it 

was the site of our old 

Keppel shipyard. Temporary 

Occupation Permit for both 

our Marina Bay Residences 

and the Reflections at Keppel 

Bay will be obtained in end- 

2010 and 2013 respectively. 

Payments on units sold on 

deferred payment schemes 

would only be due then. 

In the office sector, our 

achieved and committed 

rentals have started from a 

relatively low base compared 

to prevailing market rates. 

This would help buffer us 

from potential declines in 

market rentals. Most of the 

leases committed for Marina 

Bay Financial Centre are long 

term varying from six to 12 

years. Phase 1 has been 66% 

pre-committed ahead of 

completion in 2010 whilst 

pre-commitment is 55% 

for Phase 2 which will enter 

the market only in 2012. 

Our portfolio of premium 

office space will be a key 

competitive factor in riding 

out the slowdown in this 

segment of the real estate 

market. 

Regionally, we believe 

the markets in China, the 

Middle East and to some 

extent Vietnam, would 

be underpinned by their 

domestic fundamentals and 

are expected to hold up at a 

reasonable level in the 

medium term during this 

financial turmoil. 

Our key infrastructure 

projects are making 

satisfactory progress in 

Qatar and Singapore. Given 

that these are sovereign 

projects we do not expect 

any payment problems. 

Meanwhile, inflationary 

pressures have eased slightly 

as evidenced by some 

construction material prices. 

Our businesses will face a 

myriad of uncertainties 

and challenges ahead but 

Business 7 

we shall continue to stay 

focused in our execution and 

proactively manage the 

situation. Our gearing is 

budgeted to reach 20% at 

year end 2008. Coupled with 

our positive free cashflow, 

this should help us retain our 

competitiveness. Cashflow 

management will continue 

to be a key focus for the 

Group. 

Overall, I am pleased with the 

Group’s ability to continue to 

perform despite challenging 

conditions. We shall continue 

to build up our resources and 

capabilities to ride out the 

coming rough patch as well 

as to capture opportunities 

that will surely arise when the 

dismal conditions eventually 

improve. keppelite 


8 Business 

Delivering consistent growth 

Despite challenging business conditions, Keppel Corporation continued to 

perform and sustained its earnings growth for 9M 2008. Keppelite reproduces 

Senior Executive Director and Group Finance Director Mr Teo Soon Hoe’s speech 

during the results webcast on 23 October 2008. 

FINANCIAL 

ACHIEVEMENTS AND 

HIGHLIGHTS 

The Group achieved a record 

PATMI of $834 million for the 

first nine months of 2008, 

which was an increase of 

10% over the same period 

last year. 

EPS was 52.4 cents for the 

nine months and annualised 

ROE was 21.5%. EVA was 

$27 million higher to reach 

$614 million, surpassing total 

EVA for FY 2007. Free 

cashflow was robust at 

$1.5 billion for the period. 

This has lowered the Group’s 

gearing to 3%. We are 

virtually debt-free. 

Revenue was 14% higher at 

$8.1 billion as compared to 

9M 2007. Operating profit 


rose by 8% because of a 

higher mix of Infrastructure 

revenue. Profit before tax 

increased at a lower rate 

of 6% due to reduced 

share of associated profits 

from Singapore Petroleum 

Company (SPC). 

Growth in PATMI was 10% 

as a result of lower tax and 

minority interest for the first 

nine months in 2008. 

SEGMENTAL 

PERFORMANCE 

Total revenue of $8.1 billion 

for the nine months 

increased by almost 

$1 billion. Revenue from 

Offshore & Marine increased 

by 11% over the same 

period last year and 

accounted for 69% of total 

revenue. 

With a prudent and measured approach, Keppel expects to stay on course for consistent 

earnings growth 


contributed 22% to Group 

revenue. Its revenue 

increased by nearly three 

times the level achieved in 

9M 2007. Revenue for 

Property fell by almost 50% 

to $722 million because of 

lower residential sales. 

Offshore & Marine, making 

up 60% of the Group’s 

PATMI, chalked up 18% 

more profits for 9M 2008. 

Property registered a dip in 

profits due to lower profit 

recognition as a result of 

fewer residential units sold, 

compared to 9M 2007. 

Infrastructure’s profits more 

than doubled that of 9M 

2007. Investment recorded 

increased profits despite 

lower contribution from SPC, 

due to higher investment 

income and share of k1 

Venture’s gain on the sale of 

its investment. 

CONSISTENT GROWTH 

Both PATMI and EPS were on 

rising trends as compared to 

the corresponding periods 

last year. 

EVA for the quarter was 

$218 million bringing EVA 

for the nine months to 

$614 million. This increase 

has resulted in the 9M EVA 

outperforming the prior full 

year’s EVA of $604 million. 

We have doubled our ROE in 

seven years; from 10% in 

2001 to 21% in 2007. We 

shall continue to work hard 

to maintain ROE above 20% 

with low gearing. 

The Infrastructure Division continues to make good progress in building its track record

HEALTHY FREE 

CASHFLOW 

Free cashflow for the nine 

months of $1.5 billion was 

$169 million higher than that 

of the corresponding period 

last year. This is one of the 

highest free cashflows that 

we have ever achieved. 

Net cash from operating 

activities before changes in 

working capital was 

$1 billion for the nine 

months of 2008. After taking 

into account positive 

working capital changes, our 

operating cashflow was 

robust at $1.6 billion. 

Net cash used in investing 

activities for the nine months 

was $90 million, of which 

$391 million was spent 

on acquisitions comprised 

principally further investment 

in the Marina Bay Financial 

Centre (MBFC) and other 

operational capital 

expenditure. 

BUSINESS REVIEW & 

OUTLOOK 

Offshore & Marine 

Offshore & Marine’s 

orderbook was boosted by 

about $1.6 billion of 

contracts in the third quarter 

this year. This brought our 

nine months total to 

$5.2 billion. With the new 

contracts, net orderbook as 

at September 2008 stood at 

$13 billion, with deliveries 

into 2012. 

On top of that, the Division 

has been awarded another 

two conversion contracts 

amounting to $150 million 

this month. We continue to 

build on our deepwater 

capability to meet the 

requirements of our satisfied 

customers as the search for 

hydrocarbons moves into 

deeper waters. 

This has aided us in 

securing 42% of all new 

semisubmersibles orders 

awarded worldwide in the 

first nine months of 2008. 

The Division has successfully 

completed and delivered on 

time 29 projects during the 

three quarters of the year. 

Amid the challenging 

environment, the outlook for 

the offshore and marine 

industry remains positive. 

Underlying strong 

fundamentals in the industry 

are expected to drive the 

demand in the global rig 

markets. The shortage in rig 

supply as a result of the aging 

fleet due for replacement 

resulted in sustained 

utilisation and dayrates. 

Oil & Gas 

The demand for refined oil 

products has softened as a 

result of the global financial 

crisis and the post-Olympic 

slowdown. 

Refining margins of SPC 

were very volatile within the 

quarter with an average 

achieved refining margin 

of US$4 per barrel compared 

to the US$5 per barrel 

achieved for 3Q 2007. 

Property 

The premier MBFC, at the 

new prime downtown of 

Singapore, has thus far 66% 

of pre-committed lease in 

Phase 1 and 55% in Phase 

2. The healthy level of 

pre-commitment will 

provide a good base to 

Business 9 

increase occupancy level at 

completion in 2010 for Phase 

1 and 2012 for Phase 2. 

K-REIT Asia has a welldiversified 

mix of tenants in 

its office portfolio, which 

Continues on page 10... 

Keppel Offshore & Marine has successfully delivered several projects on schedule, including 

the KFELS B Class jackup rig DISCOVERY I 


10 Business 

...continued from page 9. 

gives rise to a steady and 

stable earnings stream to our 

Property Division. Its portfolio 

of prime office buildings in 

the CBD is poised to benefit 

from upside rental reversion 

as its rentals were mostly 

signed at lower rates a few 

years ago. 

Our portfolios of residential 

properties in Singapore are 

located in strategically prime 

locations. Sales in the third 

quarter, albeit at lower 

volume, were achieved at 

relatively high prices. 

The softer market sentiment 

has affected demands in the 

regional property market. 

However the fundamentals 

in the markets that we 

operate in, especially China 

and Vietnamm are expected 

to underpin demand for 

home ownership. 


Infrastructure 


continues to pursue its 

environmental initiatives 

through various sustainable 

business operations and 

green projects. These include 

the formation of joint 

ventures with Tianjin partners 

to explore opportunities for 

infrastructure projects in the 

Sino-Singapore Tianjin Eco- 

City. 

A framework agreement 

with an established 

Guangdong company for the 

joint development and 

investment of environmental 

projects in Guangdong 

Province was also signed. 


intends to set up and 

eventually list the world’s first 

green business trust. It will 

play the role of a sponsor, a 

key strategic investor in the 

Trust as well as the Trustee- 

Manager of the Trust. 

The Trust would hold assets 

of waste-to-energy plants 

including the Senoko 

Incineration Plant sold by the 

Singapore Government, 

which will assure the Division 

of recurring revenues for 15 

years. 

Our Infrastructure Division 

has made good progress in 

both its water and solid 

waste treatment projects, 

including the Doha North 

Wastewater Treatment 

Facility and the Tuas wasteto-energy 

plant. We will 

continue to step up on our 

efforts in bringing more 

sustainable development 

projects locally and to other 

parts of the world. 

Located in Singapore’s prime southern waterfront district, Reflections at Keppel Bay will rise to be an iconic landmark when completed in 2013 

GROUP OUTLOOK 

We are living through 

turbulent times with loss of 

confidence in the global 

financial system and the 

world is grappling with 

the prospects of slower 

economic growth. We do not 

expect this situation to have 

a significant adverse impact 

on our performance for the 

full financial year 2008. 

We have a low gearing and 

will continue to be 

disciplined in providing 

healthy cashflow and a 

strong balance sheet. Capital 

expenditure and acquisitions 

will have to pass through a 

higher hurdle rate and risk 

analysis while seizing 

opportunities to acquire 

good assets as valuations 

moderate. keppelite

Creating value 

Senior management outlined the Group’s outlook on its various businesses and 

resilience for the long term. Keppelite sets out some of the topics addressed 

during the 3Q2008 results webcast. 

ON OFFSHORE & MARINE 

CCB: We expect a slowdown 

in rig orders due to the 

current credit situation. 

However, we think that even 

if the slowdown lasts 12 to 

15 months, we should still be 

in a healthy position because 

we have a large orderbook. 

In fact, in 2009, Keppel 

Offshore & Marine will be 

busier than this year 

executing the projects that 

we have obtained. 

Currently, our production 

facilities are not ideal for 

building hulls or drillships. 

We prefer to use our facilities 

to build jackups and 

semisubmersibles. However, 

we have projects at Keppel 

Shipyard where the hull is an 

existing one or built in China. 

The owners supply the hulls 

and we outfit, complete and 

commission the drillships in 

Singapore. We have three 

such projects by Keppel 

Shipyard for Frontier Drilling. 

We will continue to work 

closely with our customers 

and monitor their situation. 

So far, we have no 

cancellations and do not 

expect any in the immediate 

future. We do see some 

clients under stress because 

of the credit situation and we 

will see how to work with 

them. 

ON REAL ESTATE 

LCO: Prices have so far 

been affected by demand 

because of the financial 

crisis affecting the overall 

economic situation. People 

are becoming more cautious 

and this impacts the demand 

for real estate. 

If the economy should 

recover, we expect demand 

for real estate to also 

increase, particularly in 

countries where the citizenry 

and the governments are 

keen to promote home 

ownership. I am referring to 

places like China, Vietnam, 

India and the Middle East. 

ON REFINING MARGINS 

CCB: We see a slowdown or 

reduction in the refining 

margins due to slowdown in 

demand as the oil price and 

financial crisis have taken a 

toll on demand in the oil and 

gas sector. In the long run, 

energy use and demand will 

remain, as developing and 

newly emerging countries 

continue to develop and 

grow. 

Business 11 

Despite the challenging conditions, Keppel continues to show growth in earnings and EVA 

ON INFRASTRUCTURE 

TSH: Infrastructure’s revenue 

is contributed by two 

areas. One is from the cogeneration 

power plant and 

the other is from the 

Qatar solid waste project. 

The bulk of the turnover 

increase and net profit had 

come from the Keppel 

Merlimau cogeneration 

plant. The second Qatar 

project is the water 

treatment project. We have 

not commenced recognition 

of profit and will only do 

so in the early part of 2009. 

ON OPERATING 

EXPENSES 

TSH: They are largely foreign 

exchange loss or what we 

also call fair value loss of 

investments. There had 

been lower writedowns of 

provisions of work-inprogress 

in our Property 

Division and they also 

contained higher overheads 

from our Offshore & Marine 

(O&M) Division, which are 

largely in the form of yard 

rentals and maintenance 

costs. These are what have 

caused the ‘other operating 

expenses’ to go up. 

The foreign exchange loss 

is in respect of foreign 

exchange which we have 

secured or prepared to buy 

equipment for our O&M 

business because we have to 

pay for these in foreign 



12 Business 


Keppel O&M’s network of yards, including the Keppel AmFELS yard in Brownville seen here, are well-positioned to serve the niche target markets and leverage group synergy 

currencies. The foreign 

currency that we already 

have on hand is compared 

against the present market 

price. This foreign exchange 

loss will be written back to 

the project rates when we 

eventually pay for the 

equipment when delivered. 

ON FAIR VALUE 

TSH: There are two parts to 

the question. First is on the 

fair value change or 

available assets for sale of 

$66 million. We hold a 

portfolio of investments and 

over the years, we still have 

surplus from these assets 

held for sale. We look at the 

market prices prevailing at 

any point in time and our 


reserve number, which is 

the surplus number, will be 

adjusted from quarter to 

quarter. For this particular 

quarter, we have seen 

reduction from the reserve 

of $66 million. 

The second part is a fair 

value loss on cashflow 

hedge of $192 million. For 

our O&M business, we have 

this approach of hedging 

our contracts forward. What 

we have done is to ensure 

that we would cover 

whatever is the balance 

foreign exchange after 

expenditure and hedge this 

forward. This is a cashflow 

hedging cost we have to 

take into our capital reserve 

every quarter and this 

particular quarter, it is a 

$192 million movement. 

ON OPPORTUNITIES 

LCO: Every dark cloud has a 

silver lining. It is also true in 

times of crisis. The better 

managed and stronger 

companies invariably should 

come off better. We would 

like to think that Keppel is 

able to capitalise on the 

opportunities that recovery 

will bring. Generally, it will be 

within the ambit of our core 

businesses, apart from our 

increasing scope and span of 

operations geographically. 

We will look at possible 

adjacent businesses of our 

core competencies. keppelite 

LCO – Mr Lim Chee Onn, 

Executive Chairman of Keppel 

Corporation 

TSH – Mr Teo Soon Hoe, 

Senior Executive Director and 

Group Finance Director of 

Keppel Corporation 

CCB – Mr Choo Chiau Beng, 

Senior Executive Director of 

Keppel Corporation, 

Chairman & CEO of Keppel 

Offshore & Marine, Chairman 

of SPC

Reigning safety records 

Keppel achieves another safety record with ninth FPSO delivery for valued 

customer SBM. 

Achieving more than six 

million consecutive manhours 

without lost time incidents 

(LTI), Espirito Santo is another 

work of strong team ethic 

united by an unflinching 

commitment to excellence, 

demonstrated by Keppel 

Shipyard in their impressive 

track record for projects 

awarded by SBM Offshore 

(SBM). 

It is the second floating 

production storage and 

offloading vessel (FPSO) 

that Keppel Shipyard has 

delivered to SBM this year 

and the ninth since 2000. 

It left Singapore on 

8 November 2008 for 

deployment in the Espirito 

Santo field in offshore Brazil. 

For the last three consecutive 

projects executed for SBM, 

Keppel Shipyard has notched 

up an impressive 17 million 

manhours without LTI. 

In March this year, Keppel 

Shipyard delivered FPSO Saxi 

Batuque with a safety record 

of six million manhours 

without LTI while FPSO 

Mondo which was delivered 

in September last year had a 

safety record of five million 

manhours without LTI. 

The safe and successful 

completion of these FPSOs is 

the culmination of eight 

years of safety partnership 

The naming of FPSO Espirito Santo was a celebration of the partnership between Keppel Shipyard, SBM and Shell 

between Keppel Shipyard 

and SBM. 

Mr Tony Mace, CEO of SBM 

said, “We are impressed with 

the safe completion of the 

FPSO by Keppel in a very 

demanding market. To add 

another vessel to the lease 

fleet in Brazil, for the first time 

for Shell is very satisfactory 

and we look forward to a 

successful charter and 

operating period.” 

When fully operational, the 

FPSO is capable of processing 

100,000 barrels of oil per day 

(bopd) with a maximum 

storage capacity of two 

million barrels of oil. 

It has been leased to the BC- 

10 Joint Venture, which is 

operated by Shell with 

ONGC Campos Ltda. and 

Petróleo Brasilieiro S.A. 

(Petrobras) as co-venturers, 

whilst the FPSO will be 

operated by a joint venture 

between SBM and MISC. 

Mr Chris Howell, FPSO Lead 

from Shell, said, “Keppel 

Shipyard’s management has 

demonstrated a firm 

commitment to safety, which 

has led to the major safety 

achievements being realised 

on the project. 

“Through proactive measures, 

the risks to personnel have 

been reduced and I’m 

confident that Keppel will be 

successful as it continues on 

its safety journey.” 

Business 13 

Shell has shown its long-term 

commitment to safety by 

joining SBM in sponsoring 

programmes which are part 

of Keppel Shipyard’s Safety 

Excellence 2010 initiative. 

Mr Nelson Yeo, ED of Keppel 

Shipyard, shared, “We are 

pleased to complete yet 

another significant project 

for SBM and in particular, 

marking our partnership 

with Shell on such a good 

note. 

“We have demonstrated our 

ability to deliver top quality 

conversions in a safe and 

timely manner to SBM time 

and again and we will 

continue to do the same for 

all our projects.” keppelite 


14 Business 

Developing a world-class workforce 

Keppel’s new centre of excellence for technical skills training partners ITE to 

create Singapore’s first joint-certification training programme. 

Touring the facility are Mr Bruce Poh (third from left), Director & CEO of ITE; Mr Choo Chiau Beng, Chairman & CEO of Keppel O&M; Mr Bob Tan, Chairman of ITE Board of Governors; and Mr 

Tong Chong Heong, MD & COO of Keppel O&M 

People development is a 

Keppel priority. Providing 

platforms for Keppelites to 

pursue self-development and 

lifelong learning is part of our 

growth strategy. 

This was underscored by 

Mr Choo Chiau Beng, 


Offshore & Marine (Keppel 


O&M), at the launch of the 

Keppel O&M Group Training 

Centre on 29 October 

2008. 

The official opening of 

the new technical and 

specialised skills training 

centre by Mr Bob Tan, 

Chairman of the Institute of 

Technical Education (ITE), is 

in line with Keppel O&M’s 

commitment to build a 

formidable workforce. 

Mr Choo said, “The Keppel 

Group’s reputation as a 

world leader in the offshore 

and marine industry has 

been built upon the 

continuous development of 

our workforce to offer 

world-class services to our 

customers. 

“In building this new facility, 

we want to nurture our direct 

and indirect employees, 

and where possible, raise 

the standards of skills 

competencies in the industry 

and in the global markets 

where we operate.”

The Centre will be a one-stop 

training facility where 

employees and subcontractors 

can register for courses, 

undergo training, receive 

certification and apply for 

relevant trade licences. The 

Centre is expected to provide 

3,500 training places per 

annum. 

The courses are developed 

in-house as well as with 

strategic partners including 

government agencies such as 

the Ministry of Manpower 

and Singapore Workforce 

Development Agency, 

technical education institutes 

like ITE, NTUC Learning 

Hub and Workplace Safety 

Council and industry partners 

such as the Association of 

Singapore Marine Industries, 

classification societies and 

customers. 

Mr Choo explained, “It is 

only when we share 

knowledge and best 

practices with progressive 

partners that we can develop 

a world-class workforce.” 

“A committed and 

competent workforce will 

separate those companies 

which will continue do well 

in difficult times from those 

that perform well only when 

the market is good. Keppel 

O&M’s commitment to 

training and development of 

our people is among the best 

in the industry.” 

JOINT-CERTIFICATION 

WITH ITE 

At the ceremony, Mr Bruce 

Poh, Director & CEO of ITE 

and Mr Tong Chong Heong, 

MD & COO of Keppel O&M 

also signed a Memorandum 

of Understanding (MOU) 

that saw the creation of 

Singapore’s first offshore and 

marine joint-certification 

training programme. 

Under the MOU, Keppel 

O&M and ITE will jointly set 

up the Marine Offshore 

Technology Workshop at 

ITE College Central. Keppel 

O&M will provide equipment 

and technical support for 

the centre and offer 10 

scholarship awards annually 

for the next five years for 

students pursuing the Higher 

Nitec in Marine Offshore 

Engineering course at ITE. 

Keppel O&M and ITE will also 

develop joint-certification 

training programmes. 

Mr Poh shared, “Youths 

seeking to build a career in 

the marine industry will 

greatly benefit from Keppel 

O&M’s scholarship initiative. 

Our partnership with Keppel 

Partners speak 

“At WDA, our vision is to 

build and sustain a 

competitive workforce that 

learns for life. We are 

happy to be working with 

Keppel on skills upgrading 

that benefits workers and 

the industry.” 

Mr Goh Eng Ghee 

Deputy Chief Executive 

Singapore Workforce 

Development Agency 

“ASMI is helping to realise 

a vision of excellence in the 

offshore and marine 

industry. We are an 

Accredited Training 

Provider under the Ministry 

of Manpower, to conduct 

and certify training courses 

Annually, some 3,500 workers and subcontractors are expected to benefit from Keppel O&M’s new technical and specialised skill training centre 

Business 15 

O&M will also augment the 

training curriculum and 

programmes in the field of 

offshore and marine, 

bringing us closer to our 

national goal of making 

Singapore a centre of 

excellence in this industry.” 

keppelite 

for marine workers. The 

Keppel O&M Training 

Centre is one of our 

approved training 

centres.” 

Ms Winnie Low 

ED 

Association of Singapore 

Marine Industries 

“We constantly seek good 

and reliable partners to 

co-train our workforce to 

meet the new demands 

of the industries. Keppel 

is one of our preferred 

partners.” 

Mr Chan Mun Kitt 

Director 

NTUC Learning Hub 


16 Business 

Building capacity 

At the groundbreaking ceremony were Keppel O&M’s Board of Directors, Keppel FELS senior management and staff from Antara Koh, the engineering firm constructing the jetty 

With a strong orderbook of 

projects extending into 2012, 


(Keppel O&M) continues to 

seek ways to enhance its 

capabilities to enable longterm 

business growth. 

Building up its capacity, 

Keppel FELS recently broke 

ground for a new 300-m 

jetty in its Pioneer Yard on 

7 November 2008. The jetty 

is an extension of the yard’s 

south quay. 




O&M said, “In view of 

these challenging times, 

we must continue to build 

and sharpen our core 

competencies to weather the 

rough seas ahead of us. 

“The new extension will 

allow Keppel FELS to meet its 

existing contract obligations 

and prepare for the future. 

The shipyard is expected to 

deliver 14 projects in 2009. 

“We will expand our capacity 

in a prudent manner for us 

to meet our contractual 

obligations and for future 

growth.” 

The jetty, when completed 

by end-2009, can 

accommodate up to four 

semisubmersibles (semi) 

or six jackup rigs or a 

configuration of two semi 

and three jackup units for 

outfitting works. 

Mr Tong Chong Heong, 

Keppel O&M’s MD & COO, 

shared, “Keppel has always 

been building our capabilities 

in good times and bad. This 

new jetty will not only enable 

us to better execute our 

projects on hand, it will also 

prepare us to take on more 

deepwater projects as 

hydrocarbon exploration and 

production move into greater 

depths.” keppelite

Star performer 

Focused on delivering 

quality projects on time, 

within budget and without 

incidents, Keppel yards 

continue to execute with 

excellence and chart 

milestones as scheduled. 

EXCELLENCE IN 

EXECUTION 

Commissioned earlier this 

year, Alpha Star is the 

second of two similar 

semisubmersibles that 

Keppel FELS is constructing 

for Brazilian drilling 

contractor group Queiroz 

Galvão Óleo e Gás (QGOG). 

On 1 November 2008, 

QGOG held a strike steel 

ceremony for Alpha Star, 

marking the start of the 

rig’s physical construction 

phase. 

This deepwater unit is 

built to Keppel’s proprietary 

design, the DSS 38. Rigs 

of this design are rated to drill 

to depths of 30,000 ft in 

9,000 ft water depth. 

STEADY WORKFLOW 

Over at Keppel Shipyard, the 

yard has maintained its 

steady shiprepair workload 

for the past 10 months with 

more than 300 vessels 

repaired to date. 

Keppel Shipyard’s expertise 

and experience in shiprepair 

enables it to turnover jobs 

quickly and to the customer’s 

satisfaction. This has resulted 

in forward bookings from 

many repeat customers. 

Repairs were also carried out 

on Liquefied Natural Gas 

(LNG) carriers Maersk Qatar 

for A.P Moeller and Dwiputra 

for Humolco Trans Inc, 

which saw the vessels 

undergo among other 

things, electrical works, tank 

inspections, overhauls of the 

pump, main boilers and 

turbines. 

Business 17 

Works on Very Large Crude 

Carriers (VLCCs) were 

conducted for K-Line 

Shipmanage on 

Kumanogawa and for World 

Tankers Management on 

Protaras which consists of 

hull blasting and painting 

and the overhauling of valves 

and pumps. 

Containerships that came in 

for repair include the Sofie 

Maersk for A.P Moeller, the 

APL Hongkong for Shoei 

Kisen Kaisha, and the 

Indamex Cauvery for ER 

Schiffahrt GMBH & CIE KG. 

Rodrigo Ribeiro, QGOG Site Manager, gives Alpha Star’s strike steel ceremony a thumbs up, with him are (from left) Charles Galloti Vieira, QGOG Assistant Site Manager, BH Woo, Keppel FELS 

Senior Project Manager and BG Chan, Keppel FELS Assistant Project Manager 

keppelite 


18 Business 

Steering a steady course 

From growing its exploration 

and production (E&P) 

portfolio to setting up a new 

office branch in China, 

Singapore Petroleum 

Company (SPC) continues to 

steer a steady course to 

enhance shareholder value 

and ensure long-term 

growth. 

GROWING E&P ASSETS 

The company secures its first 

onshore block in Indonesia in 

line with strategy to grow its 

E&P business. 

SPC has through its whollyowned 

subsidiary, SPC E&P 

Upstream entered into 

a Petroleum Production 

Sharing Contract (PSC) with 


Badan Pelaksana Kegiatan 

Usaha Hulu Minyak Dan 

Gas Bumi (BPMIGAS), an 

Indonesian state-owned 

legal entity, to explore the 

Mahakam Hilir Block (Block). 

The PSC is subject to final 

government approvals. 

SPC will be the Operator of 

the Block and is committed 

to conduct seismic survey 

and exploration drilling 

under the PSC. The Block, 

covering approximately 

344.14 sq km, is located 

onshore Kutai Basin in the 

East Kalimantan Province, 

which is situated 

approximately one kilometre 

south of Samarinda town. 

SPC will be the Operator of the Mahakam Hilir Block in East Kalimantan, Indonesia 

The Kutai Basin is one of the 

largest and most important 

oil and gas producing basins 

in Indonesia. 

SPC CEO, Mr Koh Ban Heng 

said, “Our investment is 

in line with SPC’s plan to 

grow its E&P business, and 

participate in the entire oil 

and gas value chain. We are 

pleased to expand our E&P 

presence in Indonesia with 

the operatorship of SPC’s first 

onshore block. 

“This integration of SPC’s 

businesses will diversify SPC’s 

earnings in the long-term 

and in many ways, validates 

our E&P growth.” 

NEW UPSTREAM 

BRANCH OFFICE 

In China, SPC has officially 

opened its SPC E&P (China) 

Pte. Ltd., Shekou branch 

office. The branch office is 

established to operate and 

manage SPC’s upstream 

assets in China. 

SPC holds interests in three 

acreages in China, namely 

Block 26/18 in the Pearl River 

Mouth Basin (as operator), 

and Blocks 04/36 and 05/36 

in Bohai Bay. SPC’s 100% 

participating interest in Block 

26/18 is the company’s first 

operatorship since venturing 

into the E&P sector 

in 2000. Reinforcing this 

portfolio is SPC’s oil 

production of 4,300 barrels 

per day from its Bohai Bay 

assets. Blocks 04/36 and 

05/36 are currently SPC’s 

largest producing asset. 

Mr Koh said, “Our presence 

in Shekou will strengthen our 

alliance with strategic 

partners in China. This is inline 

with SPC’s long-term 

strategy to grow its business 

through E&P activities and 

tap the vast oil and gas 

potential of China”. 

SPC’s E&P department is 

headed by VP (E&P) Mr Brian 

Boslaugh, a geophysicist by 

training with almost 30 years 

experience in oil and gas 

exploration, appraisal and 

project management.

SPC awarded for good corporate governance 

For its transparency as well 

as its active and effective 

engagement of the 

Shipshape for the future 

Keppel Verolme was conferred 

the Golden Gazelle Award 

2008 by Financieele 

Dagblad (FD), a renowned 

Dutch Financial Newspaper, 

in the category of large 

companies with turnover of 

EUR 30 million or more. 

The Award recognises 

Keppel Verolme as the fastest 

growing company in the 

region of South Holland. 

Mr Jan Franssen, 

Commissioner of the Queen 

in the province of South 

company’s shareholders, SPC 

won the ‘Most Progress in 

Investor Relations – Small or 

SPC CFO Mr Lee Chiang Huat receives the IR award from Mr Chris Kearns, Regional Manager 

(Asia Pacific), The Bank of New York Mellon, a sponsor of the IR Magazine Awards 

Holland, presented the 

award to Mr Harold Linssen, 

MD of Keppel Verolme on 

20 November 2008 in The 

Hague. 

Mr Linssen said, “This is an 

excellent result. We have 

bettered our second place 

from last year to achieve 

top honours. Our robust 

turnover increase over three 

years is a ratification of the 

enormous commitment and 

professionalism of our 

people.” keppelite 

Mid-cap’ title at the Investor 

Relations (IR) Magazine 

South East Asia Awards 

2008. 

SPC’s good efforts has 

certainly won it many votes 

for it to be crowned the top 

company in Southeast Asia 

for this category. 

“This award is a welcome 

endorsement of our IR team 

efforts. Together with the 

Keppel Group Corporate 

Communications team, we 

will strive to achieve even 

more in the IR arena,” said 

SPC CFO, Mr Lee Chiang 

Huat. 

Mr Linssen (right), MD of Keppel Verolme receives the award from Mr Jan Franssen, 

Commissioner of the Queen in the Province of South Holland 

Business 19 

Held on 14 November 2008, 

the annual IR Magazine 

Awards is widely recognised 

among the global IR 

community. IR Magazine is a 

monthly UK-based magazine 

with over 20 years of 

existence. It is one of the 

most respected publications 

in the market, covering all 

aspects of IR. 

Winners were determined 

based on the results of a 

survey covering over 5,000 

investors and analysts from 

more than 14 countries 

worldwide, including Asia. 

keppelite 


20 Business 

Synergy for sustainable growth 

“WOWing” fellow colleagues by sharing best practices 

Sharpening its edge as Asia’s 

premier developer, Keppel 

Land captures value by 

leveraging the collective 

strengths of its regional 

network. 

At its annual International 

Leadership Conference 

recently held from 4 – 6 

November 2008, the 

company gathered its top 

minds for a dynamic session 

of information exchange 

and strategic brainstorming 

across its overseas 

operations. 

Mr Ang Wee Gee, ED & CEO 

of Keppel Land International 

shared, “Leveraging the 

collective experience and 


expertise of our overseas 

units, Keppel Land is wellpositioned 

to deliver on its 

regional strategic initiatives. 

Such platforms are effective 

avenues to share 

competencies and best 

practices as we continue to 

enhance our operations 

worldwide.” 

Apart from the sharing of 

market insights, success 

stories and strategies, the 

conference also aided the 

alignment of the overseas 

units to the company’s 

strategic directions for 

continued success. 

Packed with activities that 

promote interaction and 

cooperation, a highlight of 

the conference was also the 

‘Work of a Winner’ (WOW) 

presentation, a half-day team 

building programme that 

culminated in the nomination 

of three outstanding 

presenters by their peers. 

The top presentation, 

shared by Mr Linson Lim, 

GM (Vietnam, Thailand, 

Philippines) on “Making 

Deals – The Vietnam 

Experience”, was an 

interesting case study of the 

Vietnam team’s experience in 

securing deals, overcoming 

challenges and executing 

winning strategies. keppelite 

OUTSTANDING 

‘WORK OF A 

WINNER’ (WOW) 

PRESENTERS 

Champion: 

Mr Linson Lim 

GM (Vietnam, Thailand, 

Philippines) 

“Making Deals – The 

Vietnam Experience” 

1st Runner Up: 

Mr Stephen Choo 

Senior GM (Projects) 

“Double Whammy! 

Back to Basics” 

2nd Runner Up: 

Mr Chan Kam Fai 

GM (HR) 

“Talent Challenge: 

Priorities & Partnerships”

Green stamp for 

Keppel Land 

Keppel Land’s quest to be 

a green developer has 

helped it achieve the ISO 

14001:2004 certification 

for its environmental 

management system (EMS) 

for the development of 

properties in Singapore. 

Mr Kwok Yan Hoe, Keppel 

Land’s Environmental 

Champion and Deputy GM, 

Corporate Development 

shared, “Environmental 

protection is serious business 

for Keppel Land. We strive 

for a balance between 

achieving our commercial 

objectives and maintaining 

high standards of 

environmental protection.” 

ISO 14001:2004 is an 

international standard 

for EMS and provides 

organisations with a 

structured framework for 

managing and controlling 

activities which may impact 

the environment. 

T h e 

certification 

audit process 

highlighted 

Keppel Land’s 

efforts in two 

areas. 

Firstly, management and 

staff demonstrated strong 

commitment towards the 

implementation of the 

EMS. Resources continue to 

be devoted towards setting, 

reviewing and achieving its 

environmental objectives and 

targets. 

Secondly, Keppel Land was 

lauded for its efforts in 

setting benchmarks in ecosensitive 

developments. 

Testament to this are the 

Green Mark Awards that 

Keppel Land has garnered 

for its commercial and 

residential projects, Ocean 

Financial Centre (Platinum) 

and Reflections at Keppel Bay 

(Gold). keppelite 

Keppel Land is committed to develop properties that harmonise with the environment 

The Princesse Abby, a 

floating crane completed 

by Subic Shipyard and 

Engineering, Inc. (Subic 

Shipyard) for valued 

customer PT Mitra Bahtera 

Segarasejati (PT Mitra) was 

christened on 10 October 

2008. 

She was named by 11-year 

old Lady Sponsor, 

Ms Abbygail Sardjono, 

daughter and granddaughter 

of the owners of PT Mitra. 

Mrs Francesca Hadinata, 

owner of the vessel, said, 

“On behalf of our business 

partners, we sincerely express 

our deepest gratitude to the 

hardworking, quality and 

safety-oriented workforce of 

Subic Shipyard. 

“We congratulate you for 

all your concerted efforts in 

the conversion of this 

magnificent “baby”, as we 

normally call our vessels, and 

anticipate working with you 

Business 21 

The Princesse cut 

A royal christening for Princesse Abby in Subic Shipyard 

with a lot more of them in 

the near future.” 

Certified by the Royal 

Institute of Naval Architect 

Classification Society, the 

60 m by 22.6 m barge was 

converted to a floating crane 

on time and without 

incidents. 

The timely completion of the 

floating crane is opportune 

to meet the growing 

demand for coal in the 

region. Princesse Abby will 

be deployed to the offshore 

locations or anchorage in 

Tanjung Berau, Kalimantan, 

Indonesia where she will be 

chartered by Berau Coal, an 

Indonesian mining firm. 

“This is the second floating 

crane following Nicholas, 

which Subic Shipyard had 

converted for PT Mitra, 

with whom we look forward 

to a long and fruitful 

partnership,” said Mr Mok 

Kim Whang, President and 

GM of Subic Shipyard. keppelite 


22 Special Focus 

Breaking the Arctic ice 

Keppel Singmarine makes headway in specialised ice-class shipbuilding for the 

flourishing oil and gas market in the Arctic region. 

Sunny island Singapore is the 

birthplace of Asia’s first pair 

of vessels designed for 

operations in some of the 

harshest and coldest marine 

frontiers on earth. 

Singapore-based Keppel 

Singmarine has completed 

the region’s first two 

icebreakers for Russian client 

LUKOIL-Kaliningradmorneft 

(LUKOIL). 

Mr Charles Foo, Chairman of 

Keppel Singmarine said, 

“This is the first time that 

icebreaking vessels meant for 

the Arctic sea are built in the 

tropics. It also marks Keppel 

Singmarine’s entry into the 

flourishing oil and gas 

market in the Arctic region.” 

The second vessel was 

named Varandey by 

Mrs Lyudmila Velikova, wife 

of Mr Victor Velikov, Deputy 

General-Director of LUKOIL 

at a Russian-themed 


ceremony at Marina at 

Keppel Bay on 3 November 

2008. The first icebreaking 

vessel, Toboy, was delivered 

in August this year. 

Mr Velikov shared at the 

ceremony that Varandey is 

the fourth and also the most 

sophisticated and complicated 

vessel built by Keppel 

Singmarine for LUKOIL todate. 

Varandey will join Toboy in 

the Barents Sea of Russia 

where they will help forge 

passages through the ice 

for oil tankers plying the 

Varandey Terminal. 

Both Varandey and Toboy 

are designed to work in 

the harshest environments, 

cutting through solid ice 

over 1.7 m thick, equivalent 

to the height of a grown 

man, and operating in 

extreme temperatures as low 

as -45 o C. 

According to the latest 

United States Geological 

Survey, it is estimated that 

the Arctic may hold as much 

as 90 billion barrels of 

undiscovered oil reserves and 

1,670 trillion cubic feet of 

natural gas. This is equivalent 

to as much as 13% and 

30% of the world’s total 

undiscovered oil and natural 

gas respectively. 

Mr Foo said, “The increasing 

oil and gas exploration and 

production activities in the 

Arctic present tremendous 

opportunities for specialised 

and robust vessels such as 

the icebreaking vessels. 

“Seizing this opportunity and 

in line with Keppel Offshore 

& Marine’s (Keppel O&M) 

group strategy of being ‘Near 

Market, Near Customer’, 

Keppel Singmarine embarked 

on a study of the offshore 

activities in the Arctic in 

order to build up our 

One of two icebreaking vessels Keppel Singmarine has built for LUKOIL, Varandey was named at a ceremony at Marina at Keppel Bay 

shipbuilding capabilities in 

ice technology.” 

Its strategy paid off when 

Keppel Singmarine was 

awarded the contract from 

LUKOIL in 2006. 

Mr Foo added, “This was 

a milestone for Keppel 

especially since we had 

secured the contract amidst 

strong competition from 

European yards, which have 

a long tradition in and strong 

infrastructure of related 

Arctic technology.” 

Icebreaking vessels have to 

work in extreme conditions, 

complying with strict 

operating standards to 

ensure performance and 

safety. Both Varandey and 

Toboy are built in compliance 

with the rules and regulations 

of the Russian Maritime 

Register of Shipping, and are 

customised in accordance 

with the owner’s stringent

Varandey was named by Mrs Lyudmila Velikova (front row, second from right), wife of Mr Victor Velikov (front row, right), Deputy General-Director of LUKOIL. She is accompanied by the 

management of Keppel and LUKOIL as well as H.E. Mr Vladimir Pushkov (second from right), Minister Counsellor, Deputy Chief of Mission, Embassy of Russia 

The completion of the two icebreakers marks Keppel Singmarine’s entry into the flourishing 

oil and gas market in the Arctic region 

requirements and superior 

technical specifications. 

Mr Velikov added, “The 

enthusiasm and competence 

displayed by Keppel 

Singmarine in building the 

two icebreakers are 

remarkable. It met our 

expectations with regards 

to technical solutions and 

workmanship. We look 

forward to strengthening our 

ties with Keppel Singmarine 

in the near future.” 

Russia, with its huge reserves 

of oil and gas, has always 

been an important market 

for Keppel O&M. Its 

relationship with Russia dates 

back to the 1970s when 

Keppel Shipyard and Keppel 

FELS serviced various owners 

in shiprepair and ship 

conversion, and offshore rig 

construction and repair 

respectively. 

Keppel Singmarine has 

delivered two ice-class 

Anchor Handling Tug/Supply 

(AHTS) vessels, M.V. Svetlyy 

and Vzmorye to LUKOIL in 

2006 and 2007 respectively. 

The yard is presently 

constructing a Floating 

Storage and Offloading (FSO) 

unit and two ice-class multipurpose 

standby and rescue 

vessels for LUKOIL. 



23

24 Special Focus 


The Arctic 

• The Arctic includes parts of 

Canada, Russia, United 

States (Alaska), Iceland, 

Norway, Sweden and 

Finland 

• “Arctic” comes from the 

Greek word “arktos”, 

which means “bear” 

• At 14,056,000 sq km, the 

Arctic is about twice the 

size of Australia 

• Average winter 

temperatures can be as low 

as -40°C; with the coldest 

recorded at -68°C 

• Much of the Arctic remains 

frozen up to 3 /4 of the year 

• The Arctic winter in 

December has 24 hours of 

darkness, and during 

summer in June, it has 24 

hours of daylight 

ROUTE LESS TAKEN 

Transporting a Floating 

Storage & Offloading (FSO) 

through the famous but 

narrow Volga-Don canal 

which connects the Caspian 

Sea and the Sea of Azov may 

be a challenge akin to 

passing a camel through a 

needle’s eye, but Keppel 

found the perfect solution. 

Keppel Singmarine’s first iceclass 

FSO was built as two 

separate hull sections so that 

they could be towed through 

the canal known for its strict 

restrictions on height, width 

and draft including the air 

draft. 


The hull strips and other sections of Ice-Class FSO have arrived in Baku, on schedule and in tiptop condition 

The completion of the 

feat marked an important 

milestone for Keppel 

Singmarine’s first ice-class 

FSO, whose two hull 

sections, living quarters, 

helideck and other 

equipment arrived at 

Caspian Shipyard Company 

(CSC) in Azerbaijan in tiptop 

condition. 

For weeks, Bluewater 

Shipping had been 

transporting the FSO sections 

and equipment across more 

than 11,000 km from Keppel 

Singmarine in Singapore to 

CSC, one of two Keppel 

yards servicing customers 

operating in the Caspian 

Sea. 

As CSC now begins the task 

of assembling the module 

pieces, the FSO is planned for 

delivery to LUKOIL in mid- 

2009. This vessel, with oil 

storage capacity of 

approximately 28,000 

tonnes, will be deployed in 

the Yuri Korchagin Field in 

the Russian Federation sector 

of the Caspian Sea. 

She is designed with 

provisions for forecastle deck 

structure for single point 

mooring; double bottom and 

double shipside hull; a 

superstructure for 32 men 

and a Cargo Oil Control 

Station, machinery space and 

helipad in the mid-section. 

The FSO is meant for 

uninterrupted services in 

receiving crude oil from 

a stationary production 

platform through single buoy 

mooring system, storage of 

oil onboard and finally 

offloading of oil to shuttle 

tankers. keppelite

Innovation rewards 

Innovation stars shone 

brightly at Keppel FELS’ fifth 

innovation month for the 

year, which saw strong 

showing of staff support and 

engagement. 

Some 41 Innovation and 

Quality Circles (iQC) teams 

produced projects with 

estimated combined savings 

of $3.33 million. 

Judged by Keppel FELS’ inhouse 

assessors based on 

the National iQC Assessment 

Criteria, two of the projects 

were awarded the Star 

Award, seven the Gold 

Award, 13 received the Silver 

and Bronze Awards while 

six were awarded Certificates 

of Participation. 

Mr Tong Chong Heong, MD 

& COO of Keppel Offshore 

& Marine congratulated the 

teams and highlighted the 

importance of innovation at 

work. 

He shared, “It is our incessant 

quest for continual 

improvement, effective and 

efficient solutions as well as 

challenging the status quo 

that keeps Keppel FELS 

distinctive and competitive. 

Keep up the good work!” 

In the special awards 

category, Team MINDS from 

Engineering took home 

the ’Outstanding iQC Team 

Challenge Trophy’ for their 

invention, the optimised 

Team SAF of Production (Hull) department won the ‘Million Dollar Project Award’ for achieving a projected cost saving of $1.01 million with 

their innovative solution 

piping isometric extraction 

software, OPIX. 

This software enhances 

the current engineering 

application, TRIBON, in 

mulitiple ways. It significantly 

cuts down time taken in 

producing pipe drawings; 

reduces on-site construction 

errors; provides accurate 

data for purchasing of 

materials; and stores 

information that can be 

replicated for similar projects. 

Another outstanding project 

which landed the ’Million 

Dollar Project Award’ was the 

brainchild of team SAF 

of Production (Hull) 

department. Achieving a 

projected cost saving of 

$1.01 million, the team 

came up with the innovative 

solution of a foldable 

platform to reduce 

substantial time and 

manpower spent on jackup 

rig leg assembly. 

In keeping with the 

innovative spirit, the iQC 

teams were also encouraged 

to present their projects 

through creative means 

to qualify for ‘The Most 

Innovative Presentation 

Award’. 

This special category 

depends on audience votes, 

apart from judges’ decisions. 

Team HR Iconic, whose 

team member dressed up as 

the Chinese legendary 

character Chang Er, was the 

unanimous winner of the 

award. 

In recognition of their 

outstanding commitment in 

Business 25 

leading and facilitating their 

teams during the fifth iQC 

movement, four individuals 

were also awarded the 

’Outstanding iQC Individual 

Awards’. They were Muhd 

Faizal Taib from Planning & 

Control, Patrick Pek from 

Quality Assurance, Alvin Tan 

from Purchasing and Leng 

Chun Hong from Production 

Facility. 

Winners of the staff 

suggestion scheme also 

received their prizes at the 

event. From September 2007 

to August 2008, there 

were a total of 346 staff 

suggestions, representing 

a 27% increment in the 

submission rate as compared 

to the previous year. keppelite 


26 Business 

First RYA-accredited sailing 

training centre in Singapore 

Sailing enthusiasts can now undergo professional keelboat training at Keppel Bay 

Sailing Academy. 

Keppel Bay Sailing Academy 

(KBSA), a premier training 

facility for recreational and 

professional sailing has been 

launched at Marina at 

Keppel Bay. 

The Academy is the first in 

Singapore to provide courses 

accredited by the Royal 

Yachting Association (RYA). 

Internationally recognised, 

the UK-based RYA is the 

leading institution for top 

grade courses in sailing. 

Set up with the mission of 

raising standards of 

professional sailing locally 

and regionally, KBSA is one 

of the largest RYA training 

centres in Asia. 

RYA Chief Examiner, 

Mr James Stevens, said, “We 

are really pleased to award 

RYA recognition to our first 

training centre in Singapore. 

People training at KBSA 

can now be sure they are 

receiving world class 

training.” 

KBSA has appointed 

Mr Richard Falk as Principal 

of the Academy. Director and 

Co-owner of Global Yacht 

Racing Ltd and Global Yacht 

Training Ltd, Mr Falk is also 

an RYA Yachtmaster Ocean 

Examiner. He also skippered 


Venture with Endeavour 

KBSA owns two brand 

new Beneteau 40.7 

yachts, Endeavour and 

Venture. 

Winner for the Best 

Under 50-footer Sailing 

Yacht category at the 

Christofle Asia Boating 

Venture and Endeavour – brand new Beneteau yachts owned by KBSA 

Award 2008, the Beneteaus 

are suited for light wind 

performance especially in this 

region. 

Combining comfort, function 

and style, these modern 

yachts promise hours of fun 

and exhilaration out at sea. 

Apart from training, 

these yachts can also 

be used for corporate 

entertainment, private 

parties or a leisurely 

cruise into the sunset.

the Uniquely Singapore yacht 

in the Clipper Round the 

World Yacht Race 05/06. 

Mr Falk said, “KBSA is poised 

to be one of Asia’s premier 

sailing centres, delivering 

best practices in training and 

development. The Academy 

is strongly focused on high 

standards of seamanship as 

well as safety and competence 

for all its participants. 

“The industry-leading 

RYA accreditation is an 

authoritative stamp on the 

international recognition of 

KBSA’s qualified status and 

credentials to conduct topgrade 

sailing courses. 

“Our trainers and courses 

meet stringent RYA 

standards which will assure 

sailing enthusiasts who are 

serious about the sport that 

the curricula will be 

comprehensive, leading edge 

and of the highest quality.” 

Every year, about 1,000 

students and youths in 

Singapore take up coastal 

sailing training, more often 

known as dinghy sailing. 

Mr Augustine Tan, CEO, 

Singapore Residential of 

Keppel Land, said, “The 

establishment of KBSA is line 

with our aim to cultivate 

sporting excellence and 

nurture talents. KBSA offers 

an avenue to extend their 

passion for sailing into 

deeper and further offshore 

waters, through the 

professional keelboat training 

offered at our Academy. 

“The Academy is an 

extension of Marina at 

Keppel Bay’s premium 

offerings. Home owners and 

residents of Keppel Bay can 

now look forward to a 

complete and distinct 

waterfront lifestyle with our 

luxurious homes, a marina 

playground and host of other 

waterfront amenities and 

Keppel Bay Sailing Academy – Setting high sights on raising sailing standards in Singapore 

“Sailing in Singapore has 

traditionally been limited 

to small keelboats and 

dinghy sailing. There are 

not many options for 

sailors to progress into 

sailing on larger boats, 

facilities, the Academy being 

one such unique feature. 

“We believe that KBSA can 

contribute to promoting 

Singapore as a regional 

sailing sports hub through its 

courses and participation in 

world-class events.” 

KBSA is operated and 

managed by a highly 

In conversation 

KBSA’s Principal, Richard Falk, casts his sights on the Academy. 

whether for recreation or 

professionally. 

Through KBSA, we will 

provide sailing enthusiasts 

access to top quality sailing 

instruction on bigger boats. 

Business 27 

qualified team with extensive 

experience in international 

racing and instruction. For 

a start, KBSA can train up 

to 300 students per year, 

in addition to offering 

corporate charters and 

corporate sailing activities on 

these yachts. 

For more on the Academy, 

please visit www.kbsa.com.sg 

keppelite 

KBSA is the first Academy in 

Singapore to fulfil the high 

standards necessary to gain 

RYA accreditation. It is also 

one of the largest and 

newest RYA training provider 

in South East Asia. 


28 Business 

Partners through time and tide 

Meaningful dialogue between Keppel FELS management and its subcontractors help improve productivity 

Held annually, Keppel FELS’ 

‘Subcontractors’ Night’ 

serves as a dialogue session 

for management and 

all subcontractors to share 

ideas and feedback for 

improvement of working 

processes and relationships. 

At this year’s event, on 

30 October 2008, one 

question seemed to 

preoccupy everyone’s minds. 

With the current economic 

downturn and tightening of 

finances within companies, 

will the subcontracting 

workforce in Keppel FELS be 

direly affected? 

Addressing everyone’s 

concerns, Mr Tong Chong 

Heong, MD of Keppel FELS 

assured, “Keppel FELS has 

taken 40 years to be where 

we are today. We have 


experienced the up and 

down cycles of the industry 

and went through difficult 

times to emerge stronger.” 

Yet, while work is assured, 

Mr Tong warned that the 

going will get tougher, 

adding, “While we continue 

to seek out new business 

opportunities, we also ask 

that our subcontractors 

focus on executing well the 

projects at hand, by working 

more efficiently and 

minimising resource 

wastage.” 

In addition to the safety and 

long-term partnership 

awards given out, this event 

also saw formalisation of the 

Subcontractors Executive 

Committee. Comprising 20 

members from different 

companies, the Committee 

serves as a formal channel of 

Our subcontractors are an extension 

of our workforce. We have 

partnered you in almost every aspect 

of our business, from safety to the 

expansion of our facilities. Let us 

continue this partnership to tide 

through this storm. 

Mr Tong Chong Heong 

MD, Keppel FELS 

communication between 

Keppel FELS management 

and the hundreds of 

subcontracting companies. 

Chairman of the Committee, 

Mr Low Eng Cheong of 

Crest, also shared that the 

setup aimed to foster and 

enhance both parties’ 

working relationship as 

well as to champion and 

implement new initiatives 

for the subcontractor 

community. 

An initiative which the 

Committee had come up 

with is the development of a 

subcontractor personnel 

handbook which consolidates 

Keppel FELS’ rules and 

regulations, safety, important 

help lines and other relevant 

information. keppelite

Expanding technological premises 

The newly-refurbished 


Technology Centre 

(KOMtech) with its modern 

furniture in a spacious 

setting, is designed to be a 

space of inspiration and 

comfort conducive for 

research work. 

Formerly located at 55 Gul 

Road, KOMtech began 

moving to its new location at 

31 Shipyard Road since end- 

October this year. New 

facilities include a laboratory, 

library, conference room and 

cafeteria. 

KOMtech was launched in 

2007 to boost Keppel’s R&D 

edge and sustain long term 

growth. 

52 researchers from different 

countries such as New 

Zealand, China, Malaysia, 

Norway, Indonesia and India, 

as well as 10 management 

and administrative staff will 

enjoy the new premises. 

keppelite 

Boosting Keppel’s R&D edge, KOMtech’s new facilities will house up to a hundred of the 

centre’s ‘brains’ 

Spearheading marine R&D 

Mr Tan Cheng Hui is the new head for Keppel’s Marine Technology Department 

Keppel Offshore and 

Marine’s (Keppel O&M) ship 

design and development 

arm, Marine Technology 

Development (MTD), has 

appointed its new head. 

Mr Tan Cheng Hui, 61 

assumed the position of 

Senior GM of MTD on 

15 September 2008. He 

continues to hold his 

concurrent designation as 

the GM (Engineering) of 

Keppel Singmarine. 

His role involves interfacing 

with clients as well as 

spearheading R&D initiatives 

Business 29 

in collaboration with 


Technology Centre. 

Mr Tan shared, “I would like 

to see greater exposure for 

our staff through seminars 

and conferences. I also hope 

to see a closer working 

relationship between MTD 

designers and Keppel 

Singmarine engineering staff 

to encourage greater crosspollination 

of ideas, which 

will create value-added 

engineering solutions to 

meet our customers’ needs.” 

keppelite 


30 Business 

East meets waste 

As a leading global provider 

of environmental solutions, 

Keppel Seghers showcased 

its premier suite of products 

at the International Solid 

Waste Association/Waste 

Management and Recycling 

Association of Singapore 

World Congress, held over 

3-6 November 2008. 

The event was themed ‘East 

Meets Waste’ to reflect the 

solid waste management 

challenges and opportunities 

in Asia, home to the world’s 

fastest growing cities. 

Apart from being a gold 

sponsor and participating 

company of the event, 

representatives from Keppel 

Seghers’ Belgium office also 

Jacking up global standards 

Mr Wong Kok Seng (left), ED (Operations) of Keppel FELS, shared the highlights of Keppel’s 

proprietary KFELS B Class jackup with conference participants 


Guest-of-Honour Dr Yaacob Ibrahim (right), Minister for the Environment and Water Resources tours Keppel Seghers’ showcase 

contributed through sharing 

sessions and presentations. 

Minister for the Environment 

and Water Resources, 

Dr Yaacob Ibrahim graced 

the congress which gathered 

industry leaders and 

As the world’s leader in the 

design and construction of 

jackup rigs, Keppel Offshore 

& Marine (Keppel O&M) 

through Keppel FELS was a 

key supporter of the ‘Jackup 

Asia Conference & Exhibition 

2008’. 

The event gathered 

international professionals, 

academia and industry 

experts. The two-day event 

practitioners for a fruitful 

exchange ideas and expertise 

in solid waste management. 

keppelite 

also featured distinguished 

speakers from oil companies, 

drilling contractors, 

classification societies and 

universities, including 

Okky Ahmad Purwana, 

Geotechnical Engineer of 

Keppel O&M Technology 

Centre and Matthew 

Quah, R&D Manager of 

Keppel’s Offshore Technology 

Development. keppelite

Strengthening foundations 

Robust and holistic risk 

management and accounting 

policies contribute to a strong 

foundation for companies in 

the best and worst of times. 

In November, Keppelites 

were given insights to 

managing risks in the current 

economic climate and 

updates on new accounting 

standards through semiars 

conducted by special guest 

speakers. 

Keppel Corporation’s Board 

Risk Committee invited 

Manu Bhaskaran, to share his 

views on ‘Managing Risks in 

Uncertain Times’. 

An adjunct senior research 

fellow from the Institute of 

Policy Studies and a partner 

with Centurion Group Inc, 

Manu spoke of the current 

economic conditions and 

probable future scenarios 

with 70 Keppelites and 

senior management at the 

Temasek Business Leadership 

Centre. 

Geo-political situations, 

economic risks, failure of 

risk management in big 

corporations and issues 

which may present 

implications and challenges 

to global businesses were 

discussed. 

The key take-away is the 

importance of identifying 

opportunities amidst the 

crises for future growth, 

especially for companies with 

proper risk management 

systems and good 

governance already in place. 

Keppel Group Control & 

Accounts department also 

organised the Keppel Group 

Finance Seminar in the same 

month attracting a turnout 

of 150 finance and accounts 

personnel from the various 

business units. 

Expert speakers from Ernst & 

Young were invited to 

cover topics pertinent to 

the Group, such as the 

Reclassification of Financial 

Assets amendments which 

were issued in October 2008. 

Mr Teo Soon Hoe, Senior 

Executive Director and Group 

Finance Director of Keppel 

Corporation, said, “The 

amendments to the 

accounting standards may 

provide some relief to the 

distressed financial market, 

but we must remain alert and 

vigilant, as significant risks 

remain in the global finance 

market.” 

Business 31 

Useful and enlightening, 

sessions like these help to 

keep Keppelites abreast 

of current developments in 

the global markets and 

industries relevant to their 

work. keppelite 

Guest speaker Manu Bhaskaran shares on risk management with Keppelites 

Keeping abreast with industry developments are some 150 personnel in finance and accounting departments across the Keppel Group 


32 Business 

Safety sharing 

Reinforcing commitment to 

keep a safe workplace, 

business units across the 

Keppel Group in Singapore 

and overseas continue to 

roll out important initiatives 

to spread the safety message 

this month. 

GAME FOR SAFETY 

Safety is a serious business 

but learning about it can be 

fun too. 

Keppel Integrated 

Engineering (KIE) recently 

held its second Environment, 

Health and Safety (EHS) 

convention to raise 

awareness and employee 

commitment as well as 

celebrate important 

milestone achievements in 

the past year. 

Winners of the KIE ‘5 Safety 

Principles’ poster design 

competition were given 

recognition at the event 

while participants played 

games and quizzes to 

enhance their safety 

knowledge. 

Held on 7 November 2008, 

representatives from other 

companies within the 

Keppel Group were also 

invited to present on 

their organisations’ safety 

programmes, to encourage 

dynamic interaction and 

invigoration of new ideas. 

The activities throughout the 

day and the sharing of safety 

best practices across different 


industries provided a wellrounded 

learning session for 

all. 

Alex Ong, Senior EHS Officer 

from the Ulu Pandan 

Newater Plant, and 

Yap Ching Guan, EH 

Management Trainee of 

Keppel Seascan shared on 

their Safety Innovations 

project presentations which 

were both conferred silver 

awards. 

DRILLING IN SAFETY 

MINDSET 

Over at Keppel Batangas, 

safety initiatives continue to 

be introduced to reinforce 

a strong safety culture 

amongst employees. This 

effort to keep the yard an 

incident-free workplace, is 

ever more pertinent as 

Keppel Batangas ramps up 

its production pace for more 

projects from sister company 

Keppel FELS. 

The yard’s safety efforts have 

paid off, when it achieved 

one million manhours 

without loss time incidents 

(LTI) for Floatel International’s 

(Floatel) semisubmersible 

accommodation rig. At a 

ceremony on 23 October 

2008, Floatel presented 

Keppel Batangas US$10,000 

for accomplishing this safety 

milestone. 

“It is a common 

misconception that safety 

costs money. Actually, the lack 

of safety can be costlier. One 

million manhours without LTI 

is a true achievement that you 

should be very proud of,” said 

Mr Jens Rasmussen, Site 

Manager of Floatel. 

Mr Kok Boon Heng, 

Floatel’s Jens Rasmussen presents the US$10,000 cheque to Mr Kok Boon Heng and the Keppel Batangas project team 

President of Keppel 

Batangas, said,”It is an 

honour to receive this 

recognition. Safety is 

everybody’s business and has 

always been a team effort for 

us. We thank Floatel for 

recognising this safety 

milestone achieved by the 

yard.” 

Keppel Batangas had earlier 

launched a safety incentives 

programs together with 

ENSCO International in 

October as part of its safety 

programme. A fire 

evacuation drill was also 

conducted last 18 October to 

increase the yard’s readiness 

in responding to unplanned 

emergencies. Yard and 

subcontractor employees 

participated in the drill which 

saw the orderly evacuation as 

well as a simulated rescue of 

‘injured’ personnel. keppelite

Fired up to be first-class 

Knowing what to do in the 

event of a fire could save 

lives. 

“To be a first-class marina, a 

crucial part of the training for 

staff at Marina at Keppel Bay 

is to be prepared to respond 

swiftly and safely under 

exigent circumstances to 

protect lives and minimise 

damage and loss,” shared 

Chief Marina Officer, 

Mr Francis Olsen. 

To enhance the Marina 

crew’s familiarity with basic 

fire fighting and basic 

emergency procedures, 

they underwent a Basic Fire 

Safety and Awareness 

Course, conducted by the 

Fire Safety Managers’ 

Association on 13 October 

2008. 

A comprehensive combination 

of theory and practical 

sessions equipped the 

Marina crew with important 

knowledge about the 

precautions and procedures 

in cases of fire, as well as 

gave them a chance to learn 

how to use fire fighting 

equipment effectively, such 

as the fire extinguisher, hose 

reel, and fire blanket. 

Each participant was 

awarded a certificate of 

attendance upon completion 

of the one-day course, 

presented by Mr Olsen. keppelite 

Regional limelight 

International journalists learn more about Keppel Bay 

Fire-fighting is part of the well-rounded training for crew at Marina at Keppel Bay 

Keppel Land in November 

hosted journalists from 

Indonesia and the Middle 

East, who visited its 

headquarters in Singapore. 

They were given a tour of 

Singapore’s central business 

district where Keppel Land is 

a major landlord. 

Keppel Land and its 

associate, K-REIT Asia, with 

their stable of prime offices 

including One Raffles Quay 

and Marina Bay Financial 

Centre, maintain a strong 

foothold in the vibrant heart 

of Singapore’s commercial 

centre. 

Business 33 

Of special interest to the 

overseas visitors was Keppel 

Land’s iconic luxury lifestyle 

development, the 30-ha 

Keppel Bay in the southern 

waterfront of Singapore. 

At Keppel Bay comprising 

Caribbean at Keppel Bay, 

Reflections at Keppel Bay 

currently under construction 

and Marina at Keppel Bay 

linked via the 250-m Keppel 

Bay Bridge, the journalists 

took in the beautiful seafront 

scenery and vibrancy of the 

locale. keppelite 


34 Business 

Aspirations take flight 

Jakarta Garden City held one of the largest kite festivals in Indonesia in its 

spacious green grounds. 

A dragon rises in Jakarta Garden City, illuminating the clear skies with its golden scales 


The first developer in 

Indonesia to organise a giant 

kite festival at a large scale 

for the public in its township 

development, Keppel Land is 

certainly fulfilling the 

lifestyle homeownership 

aspirations of modern 

Indonesians. 

Its premier township 

development, Jakarta 

Garden City (JGC), drew a 

strong turnout of families on 

2 November 2008 with a 

giant kite festival. 

The event showcased the 

diverse collection of giant 

kites owned by the 

Indonesian Kite Museum, 

which was flown by kiteflying 

professionals. In 

addition, JGC also provided 

smaller kites which were 

hand-painted and flown by 

children and their parents. 

A marching band 

performance, singing 

competition and other 

painting activities and 

colouring contests also kept 

the children in high spirits 

for the entire day. 

Running freely in the open 

fields under clear blue skies 

with a ‘layang-layang’ in 

hand, the children squealed 

with delight as their parents 

enjoyed the accessibility 

and safety of the gated 

community offered by JGC. 

A haven for families and 

children, the township is 

indeed a desirable livework-and-play 

integrated 

environment. 

Mr Yeo Chee Kian, President 

Director of JGC, shared, “At 

JGC, aspirations reach 

towards greater heights. Our 

vision for the township is a 

haven of homes to raise 

families and nurture lives. 

The giant kite festival is one 

of many exciting activities 

that we will continue to 

organise and bring to Jakarta 

to add value to the 

community. 

“Through this event, we 

wanted to share the 

experience of living in a 

clean, green, spacious and 

natural environment. Many 

families appreciate the 

wide spaces and natural 

environment offered at JGC 

where children can roam 

safely and freely.”

Over a hundred children hand-painted their dreams on kites and flew their aspirations up high in Jakarta Garden City 

More than 40% of land area 

at JGC is retained as open 

space. This is so that children 

can enjoy a spacious and safe 

environment with gardens 

and parks where they can 

interact freely with their 

neighbours. 

Margaret Chin, Head of 

Marketing for JGC also said, 

“We wanted to share the 

experience of living in a 

clean, green, spacious and 

natural environment through 

this event.” keppelite 

A marching band adds lively colour and vibrancy to the giant kite festival 

Business 35 


36 Team 

Almost a homecoming 

It felt like a homecoming for 

39 Keppelites even though it 

was probably the first time 

many of them stepped foot 

on Singapore. 

Hailing from various overseas 

business units, they were 

participants of the Keppel 

Group Human Resources’ 

third annual Global Young 

Leaders Programme. 

Held from 2 to 11 October 

2008, the programme is part 

of the Group’s Talent 

Management initiative which 

aims to hone the leadership, 

strategic thinking and 

management skills of 

Keppelites. 


The group orientation gave 

the participants an 

opportunity to interact and 

network with each other 

though team building 

activities. 

In project groups, they 

worked on assignments 

which were presented to 

senior management at the 

end of the programme. The 

topics included ‘finance for 

non-finance managers’, 

‘building effective teams and 

‘creative thinking’. 

The activities also aimed at 

increasing knowledge about 

the Group’s businesses 

and competencies, while 

providing an avenue for 

them to build camaraderie 

with their overseas 

counterparts and colleagues. 

Su Rongrong from Keppel’s 

Beijing Representative Office 

said, “I appreciate the 

opportunity to get to know 

Keppelites from all over the 

world as it gives me a 

sense of belonging to a really 

big family. Personally, I 

have benefited from 

the programme by having 

gained a wider perspective 

and a global mindset. 

“The young managers 

who participated in this 

programme have displayed 

Participants of the Global Young Leaders’ Programme onboard the Singapore Flyer as part of their orientation to Singapore where Keppel is headquartered 

talent, team-building spirit, 

intelligence as well diligence. 

It was very interesting to see 

and understand the different 

approaches while doing our 

projects together.” 

As part of their introduction 

to Singapore, they were 

brought onboard the 

Singapore Flyer, the world’s 

largest observation wheel, 

where they had the chance 

to take a panoramic view of 

Singapore’s breathtaking 

urban landscape. keppelite

United colours of a family 

Celebrating the strong 

Keppel credo of camaraderie 

at the Keppel Offshore & 

Marine (Keppel O&M) Family 

Day 2008, some 20,000 staff 

and their loved ones 

blanketed the beach at 

Sentosa. 

As they stood under orange, 

pink and blue umbrellas, 

which were their door gifts, 

they formed a colourful 

human mosaic – an apt 

portrait of a united workforce 

emanating strength, 

resilience and oneness in 

spirit. 

Such is the tenacious Keppel 

workforce standing as one, 

united as a family. 

Noting the strong bond 

between Keppelites, Guestof-Honour 

Mr Matthias 

Yao Chih, the Mayor of 

Singapore’s Southeast 

District, said, “You belong to 

a good company, with a 

good management team 

and good Unions. Thank you 

for sharing your family day 

with me.” 



O&M took the opportunity 

to assure Keppelites that 

despite the current gloomy 

economic situation, Keppel 

O&M’s strong order book of 

$13 billion will keep 

everyone busy at least until 

2012. 

Finale performance for Keppelites, by Keppelites 

Keppelites giving belly dancing a go 

Setting the direction for the 

year ahead, he added, “Our 

top priority is to strengthen 

our project execution and to 

continue delivering highquality 

products and services 

to our valued customers on 

time, within budget and 

without incident. 

“We have never stopped 

investing in people 

development, whether in 

good times or bad. We will 

continue to provide career 

opportunity for our people 

who work hard and work 

smart. Those who do well 

will be rewarded fairly.” 

Into its sixth year, the annual 

family day event was held on 

2 November 2008 where 

Keppelites were engaged 

by a full programme of 

activities and games, 

Team 37 

including soccer, volleyball, a 

dunking machine, a balloon 

village for kids and a tug-ofwar 

competition. 

They were also treated to 

entertaining performances, 

some of which were put up 

by fellow colleagues. The 

crowd-favourite always lies 

with the lucky draw where 

everyone gets a chance to 

win attractive prizes. keppelite 


38 Team 

Bolstering team spirit 

Through company-wide 

activities in sports and 

community service, Keppel 

Batangas seeks to foster a 

strong team spirit amongst 

its employees. 

LET THE GAMES BEGIN! 

The start of the annual sports 

festival on 24 October 2008 

saw Keppel Batangas come 

alive as participants donned 

colourful jerseys and waved 

their banners at the opening 

ceremony amidst rapturous 

cheers. 

In high spirits, 13 teams 

representing the different 

departments, from 

Administration to Structural 

Welders, traipsed to the 

basketball court where the 

ceremony was held. 

“We are gathered here to 

share the spirit of 


sportsmanship. May this 

sports fest promote goodwill 

and camaraderie to each one 

of us. On this note, let the 

games begin!” declared Mr 

Kok Boon Heng, President of 

Keppel Batangas. 

Teams got to pit their wit and 

stamina against each other in 

various games such as 

basketball, volleyball, darts, 

badminton, chess and table 

tennis. 

“It is a welcome respite from 

the fast production pace of 

the yard and an opportune 

time for co-employees to 

enjoy each other’s company 

and foster new friendship in 

the organisation,” said Mr 

Teodorico B. Brucal, Union 

President. 

Aside from workers’ brawns, 

beauty also ruled at the 

Teams eagerly await the launch of the highly anticipated annual sports festival 

Volunteers from Keppel Batangas help keep the coast clear 

event. A muse from the 

different teams wooed the 

crowd with their graceful 

catwalk as each contestant 

charmingly sashayed before 

the assembly. The favourite, 

a Quality Control officer from 

the Shipwright Department 

had the crowd erupting in 

loud approval when she was 

named Miss Sports Fest 

2008. 

KEEPING THE COAST 

CLEAR 

Keppelites also had a field 

day teaming up to save the 

environment, armed with 

garbage bags. 

Coinciding with the 

International Coastal Cleanup 

Day on 20 September 2008, 

they joined global volunteers 

in a simultaneous cleanup of 

beaches around the world. 

For four hours starting at six 

in the morning, Keppelites 

from the Philippine shipyard 

along with the Municipal 

Mayor of Bauan, Batangas 

gathered along Batangas Bay 

to clean up the litter and 

other debris that were 

washed ashore. 

At the end of the cleanup 

effort, the volunteers 

collected more than 65 kg 

of garbage, including nonbiodegradable 

plastic and 

rusty cans that pose danger 

to public health as well as to 

marine life. keppelite

Keppelites Abroad 

Siew far, so good 

More than 10 years with 

Keppel’s corporate 

headquarters later and 

having worked in Singapore 

throughout her career, Lim 

Siew Hwa’s heart was aflutter 

with excitement when given 

the chance of an overseas 

posting in a shipyard. 

“I was really excited when 

my supervisor, Mr Paul Tan, 

Keppel Group Finance 

Controller, informed me of 

the posting! I was thrilled 

to be able to experience 

working in a shipyard 

environment, what’s more, in 

Texas,” said Siew Hwa. 

The Senior Finance Manager 

from Keppel Group Control 

& Accounts very soon found 

herself in Keppel AmFELS in 

Brownsville for four months. 

Apart from the impressive 

17-mile channel that 

connects the Rio Grande 

Valley and the Gulf of 

Mexico, she was wowed by 

the towering oil rigs that 

mark the location of the 

Keppel AmFELS yard. 

More striking were the rich 

experiences that enriched 

her understanding of the role 

and responsibilities of a Chief 

Financial Officer (CFO) in the 

operating environment, and 

the related issues and 

Siew Hwa (in red) at the naming of Offshore Vigilant, one of five jackup drilling rigs commissioned by Scorpion Offshore 

challenges that came with 

the job. 

Indeed, she said that the 

experience reinforced her 

understanding of the offshore 

business, widened her 

perspective of operational 

issues and enabled her to 

learn more about the US 

taxation system. 

Evidently, the lessons learnt 

go beyond just work-related 

skills. Being immersed in a 

different working and 

cultural environment also 

meant that Siew Hwa had 

ample opportunities to 

develop her problem-solving 

and people skills. 

“My overseas stint, while 

relatively short, was nothing 

short of being fun and 

fruitful. This is due in part to 

a comprehensive programme 

outlined at the start of the 

attachment, coupled with 

excellent coaching by Mr Jim 

Lim, CFO of Keppel AmFELS, 

and the warmth and 

friendship offered by local 

colleagues,” Siew Hwa 

enthused. 

Of course, no experience is 

complete without a taste of 

local culture. Brownsville is 

only a stone’s throw away 

from Mexico, which gives the 

town its unique blend of 

Texan/Mexican culture, 

People Team 39 39 

cuisines, costumes, slang and 

accent. 

Siew Hwa cited one of her 

memorable experiences as 

having crossed over the 

border to the rich old-world 

charm of the Mexican towns 

of Matamoros and Progreso, 

enjoying Mexican food whilst 

soaking in the rich cultural 

atmosphere. 

To Keppelites hoping for 

a slice of the overseas 

experience, she added, “How 

much you can absorb and 

gain, depends on whether 

you are willing to work hard 

and immerse yourself in the 

local environment.” keppelite 


40 Community 

Green Initiatives 

Green look at life 

As the world turns to greener habits, Keppel continues to support ecologically 

friendly programmes and learns green ways from the specialists. Keppelite takes 

a look at some of the eco-actions taken this November. 

CUT WASTAGE, 

CUT COST 

Green living starts at home. 

Keppel Land recently played 

its part in sharing this proenvironment 

message by 

sponsoring 200 bags and 

mugs for the ‘Clean and 

Green Singapore – North 

West!’ event. 

Held at Petir Square on 

9 November 2008, Dr Vivian 


Balakrishnan, Minister for 

Community Development, 

Youth and Sports, was the 

Guest of Honour and urged 

participants to reduce 

wastage and reuse or recycle 

things at home. 

The community event is 

organised annually by the 

National Environment 

Agency (NEA) North West 

Regional Office and 

‘Go green with Keppel Land’ recyclable bags snapped up by residents eager to cut wastage and save the environment 

North West Community 

Development Council. The 

concept and theme for the 

recent edition was ‘Come 

Out and Play, It’s No TV Day!’, 

where the main focus was on 

energy efficiency. 

CHAMPIONING GREEN 

Green Champions across 

the Keppel Group also 

recently attended a seminar 

organised by NEA, as part of 

the Corporate Environment 

Champions Programme, on 

29 October 2008. 

The programme aims 

to create a pool of 

environmentally proactive 

individuals in the corporate 

sector. These Environment 

Champions will then partner 

NEA in driving environmental 

and public health initiatives 

in their companies. Training 

workshops are aimed to help 

equip these Environment 

Champions with the skills 

to plan, implement and 

communicate successful 

environmental campaigns in 

their organisations. 

At the seminar, Keppel’s 

green champions had the 

chance to network with and 

learn from representatives 

from other companies who 

have established successful 

environmental programmes. 

“I look forward to sharing 

the new knowledge 

I’ve accumulated on 

environmental issues at 

this workshop with fellow 

colleagues,” shared Ian Tan, 

Corporate Development 

Executive from Keppel 

Integrated Engineering. keppelite

Nurturing communities 

Through continuous staff 

support and contribution 

towards the Community 

Chest in 2008, Keppel 

Offshore and Marine 

(Keppel O&M) has again 

been honoured with the 

Community Chest’s SHARE 

(Social Help and Assistance 

Raised by Employees) 

Platinum Award in the 

corporate category. 

Mr Tong Chong Heong, MD 

& COO of Keppel O&M, who 

received the award from 

President S. R. Nathan on the 

company’s behalf shared, 

“Keppel strives to be a 

responsible and active 

member of our communities. 

We are honored to be given 

this award and will continue 

to improve the lives of the 

less fortunate.” 

Other Keppel companies 

recognised for their 

corporate social responsibility 

efforts include Keppel FELS 

and Keppel Singmarine 

which were conferred the 

SHARE Platinum Award 

while Keppel Shipyard and 

Keppel Logistics received the 

SHARE Gold Award. 

The Awards recognise 

the regular monthly 

contribution of individuals 

and organisations to the 

SHARE Monthly Contribution 

Programmes. They are 

presented to organisations 

based on their participation 

rate in these activities. keppelite 

Give blood, save lives 

There is no greater gift than 

the gift of life. Keppel does 

its part to encourage staff to 

donate blood through the 

Keppel Scholars Alumni 

Association and Keppel 

Volunteers amidst this 

season of giving, in the 

month of December. 

In collaboration with the 

Singapore Red Cross, 

bloodmobiles will be set up 

at Keppel FELS, Keppel Bay 

Community 41 

Mr Tong Chong Heong, MD & COO of Keppel O&M receives the SHARE award from President 

S. R. Nathan at the Istana 

Tower and Keppel Shipyard 

(Tuas) on 2, 5 and 

9 December 2008 

respectively. 

Blood donations are highly 

sought after as Singapore 

needs an average of 350 

units of blood daily. This 

translates into more than 

100,000 units needed per 

year to help treat different 

illnesses and injuries. 

All blood collected is 

distributed to hospitals for 

several purposes. Aside from 

daily surgeries and accident 

victims, blood is also needed 

during bone marrow 

transplants for leukaemia 

patients, amongst other 

uses. 

Sign up today for the Keppel 

Group Blood Donation Drive 

at http://erp.donorweb.org/ 

events.php?grp=3. keppelite 


42 Community 

Marina at Keppel Bay goes Dutch! 

A popular Dutch tradition 

found its way over thousands 

of nautical miles to sail into 

the safe and pristine waters 

at Marina at Keppel Bay on 

15 November 2008. 

Sinterklaas holiday, or Saint 

Nicholas Day, considered by 

the Dutch to be their most 

important tradition, was 

organised by the Hollandse 

Club for the Dutch expatriate 

community in Singapore. 

Usually celebrated at the 

beginning of December, the 

event saw Sinterklaas and his 

Black Peters arrive by water, 

according to tradition. They 

were warmly welcomed 

ashore by the singing voices 

of hundreds of excited 

children. 

Sinterklaas and his helpers 

were then seen distributing 

presents to all the good boys 

and girls under the Marina’s 

beautifully decorated 

Christmas tree in the lobby. 

Hollandse Club GM, 

Mr Gérard Hanssen said, 

“Through the Sinterklaas 

tradition, we hope to share 

our colourful cultural 

heritage with Singaporeans, 

and especially so at Marina 

at Keppel Bay, one of the 

most accessible and only 

urban marina in this 

cosmopolitan city.” 


Everything sails into one great location at Keppel Bay – even Sinterklaas and his Black Peters, arriving at the Marina for the most celebrated 

event of the year for the local Dutch expatriate community 

Mr Tan Tai Chiew, GM of 

Marina at Keppel Bay, 

shared, “We are happy to 

provide this platform for the 

local Dutch community to 

share their traditions with 

fellow Singaporeans. The 

event has added colour and 

vibrancy to Marina at Keppel 

Bay, a premier nautical and 

lifestyle destination.” 

His Excellency Mr Chris 

Sanders, Dutch Ambassador 

to Singapore, graced the 

occasion as Guest-of- 

Honour. keppelite 

Sinterklaas and his Black Peters are part of an important Dutch tradition held close to the 

hearts of Dutch families and children in Singapore

Community 43 

volunteers 

Keppel 

Planting friendships, 

connecting people 

Committed to encouraging 

staff participation in 

community service, Keppel 

Volunteers continues to 

create new platforms and 

work alongside community 

organisations to create funfilled 

volunteerism initiatives. 

Collaborating with the 

Young Men’s Christian 

Association (YMCA), Keppel 

Volunteers recently brought 

students from the Centre for 

Adults (CFA), a learning 

institute under the umbrella 

of the Association for 

Persons with Special Needs 

(APSN), to the ‘YMCA-Citi 

Proms @ the Park’. 

This community programme 

offers opportunities to 

corporations and their 

New-found friends posing for a parting shot after a memorable day at the YMCA-Citi Proms @ the Park 

Voluntary Welfare 

Organisations (VWOs) to 

interact with their charities 

through platforms such as a 

concert and picnic in a park. 

Enjoying a day of art 

performances in the heart of 

Singapore’s tropical botanical 

garden, Keppel Volunteers 

spent a fruitful day getting 

to know the students from 

Keppel’s adopted charity. 

The group enjoyed their day 

with body painters, jugglers 

and friendly giant animal 

mascots. They were also 

entertained by arts 

performances at the Shaw 

Foundation Symphony 

Stage. 

Keppelite Wendy Lin shared 

her takeaways from the 

experience, “To me, 

volunteering offers a change 

in my daily routine. Apart 

from making new friends, 

both volunteers and students, 

it humbles me to know that I 

made a difference in the 

students’ lives just by 

spending a day together.” 

First-time volunteer Prabhat 

Kumar, an Engineer from 

Keppel FELS and an Indian 

national found his 

participation in Keppel 

Volunteers a great way to 

discover Singapore and a 

wonderful opportunity to 

make new friends outside 

of his work environment. 

Most importantly, Prabhat 

shared that volunteering was 

a very meaningful way to 

contribute to the community. 

keppelite 


44 

BackPage 

Top award in manufacturing 

innovation 

Keppel is first Singaporean enterprise to win prestigious MAXA 2008 Award for 

manufacturing innovation, operational excellence and sustainability. 

Keppel FELS, the world’s 

leading designer and builder 

of offshore rigs, has won 

the crown jewel of all 

manufacturing awards – 

the MAXA 2008 Award. 

The accolade, the first for a 

Singaporean enterprise, 

recognises the highest global 

standards in manufacturing 

innovation, operational 

excellence and sustainability. 

“We envision MAXA to be a 

recognition of manufacturing 

excellence in Singapore, 

and a sharing of thought 

leadership and best 

practices,” said Professor S. 

Jayakumar, Deputy Prime 

Minister and Co-ordinating 

Minister for National Security 

who presented the award to 

Keppel FELS at a ceremony 

on 7 November 2008. 

“Keppel FELS is a 

Singaporean company that 

has grown over the years, 

which now has a global 

presence. It pursues progress 

relentlessly, resulting in 

the company developing 

strong competencies in 

design engineering, project 

management and 

manufacturing. In the area of 


Keppel FELS is the first Singaporean enterprise to be honoured with the MAXA Award -– 

Mr Tong Chong Heong, MD of Keppel FELS receives the trophy from Deputy Prime Minister, 

Professor S. Jayakumar 

manufacturing, Keppel FELS 

has brought a unique 

methodology to its rigbuilding 

operations,” he added. 

Keppel FELS was the only 

offshore mega-structure 

company among the six 

finalists hailing from 

across the electronics, 

semiconductor and biomedical 

sectors. 

“What Keppel FELS has 

achieved is impressive across 

several dimensions. They 

have taken a manufacturing 

shop-floor mindset to a 

project-based industry, for 

products that are very 

significant both in size and 

complexity,” said Mr Chinta 

Bhagat, Managing Partner 

(Singapore) McKinsey & 

Company and MAXA 

Assessor. 

“Keppel FELS entered the 

MAXA Awards with the aim 

of learning and improving 

ourselves. We have benefited 

from the independent and 

in-depth review of our 

strengths and capabilities by 

the international experts 

on the MAXA assessment 

team,” said Mr Tong Chong 

Heong, MD of Keppel FELS. 

“Winning the top award is a 

bonus to Keppel FELS. It 

affirms our passion and 

commitment to deliver 

innovative projects on time, 

within budget and without 

incidents,” Mr Tong added. 

“Keppel FELS’s significant 

innovations in manufacturing 

operations and engineering 

design are impressive. These, 

coupled with their increasing 

technical depth and expertise 

plus a highly motivated 

workforce, have enabled 

them to be a global leader 

to be reckoned with,” said 

Professor Yue Chee Yoon, 

Singapore-MIT Alliance, 

Programme Chair in 

Manufacturing Systems and 

Technology, and MAXA 

Assessor. 

Into its third year, the annual 

MAXA Award is jointly 

conferred by the Economic 

Development Board (EDB), 

McKinsey & Company and 

the Singapore-MIT Alliance 

(SMA). keppelite 

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