March 2006

Transcription

March 2006

MARCH 2006
eppel
www.kepcorp.com/ekeppelite
Keppel Group Newsletter
Keppelite
First WTE plant
in Jiangyin 6
Keppel wins more
jackup orders 8
Alpha exceeds
fund target 36
Entertainment capital
at Caesars Singapore
MITA(P) NO.059/11/2004
March 2006
Keppelite I March 2006
1
3/31/06, 3:32 PM
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7
10
Contents
BUSINESS
Keppel shines at Singapore Corporate Awards
4
Focus on human capital
GlobalSantaFe orders ultra-deepwater drilling rig
5
Going the extra mile with Singapore Petroleum
First waste-to-energy plant in Jiangyin
6
Excellence award for Keppel FELS
Keppel yards pool resources to offer fast track
upgrading
7
Keppel wins more jackup orders
8
Keppel Land despatches documents on
K-REIT Asia to shareholders
10
More FPSO contracts for Keppel Shipyard
26
27
Another successful repair for ENSCO
COVER STORY
Entertainment capital at Caesars Singapore
to draw tourists
18
TEAM
Staging class acts
28
11
A helping hand to the Clippers
29
The next lap for P-52
12
KRC in efforts to promote health
30
Strengthening ties with Qatar
13
Ultimate rigs
The Libeskind signature at Keppel Bay
14
Appreciating long-serving staff
Indonesia’s best golf course in Ria Bintan
15
Friendship that spans 20 years
16
Delivering global solutions
17
Keppel FELS Brasil achieves double certification
Keeping a promise sound
22
Keppel Land joins Singapore Compact
24
Thai Chee Ken steps down
China yard gears up for more work
Welcoming new Keppelites
32
Kepture! for the Arts
Four in a row
Visitors from Norway
31
Committed to the local community
Bourbon AHTS delivered
25
Keppel O&M holds inaugural corporate orientation 33
Tackling the bird flu
PEOPLE
Keppelites Abroad
What’s brewing in Belgium?
34
COMMUNITY
Keppel Volunteers
Equipping volunteers to make the difference
35
BACK PAGE
Alpha raises $720 million exceeding fund target
36
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
Teo Chang Ching
Editorial Committee
Andrea Lee, Ang Lai Lee, Clara Ko, Diana Chan, Fatima Lay, Felicia Lee, Grace Chia, Hong Tin Wei, Ivana Chua, Karin Lam, Kelvin Ng, Lee Yin Chiin, Low Hooi Hoon, Lynette Goh,
Mohd Nor Nordin, Nicole Tan, Phang Weng Onn, Romell Song, Sarah Seah, Serena Toh, Teri Liew, Woon Pek Yong, Wong Mei Lin, Yang Sook Chin
March 2006
CO REG NO: 196800351N
2
3/31/06, 3:32 PM
Editorial
Orchestrating excellence
Music prodigy Lidia Baich’s outstanding
performance at the Keppel-sponsored Singapore
Symphony Orchestra concert this month, was a
marvel for many.
Trained by her concertmaster grandfather at the
age of four, and now protégé to world-renowned
Maestro Lorin Maazel, Lidia’s music career and
prospects have been closely guided by master
mentors, and look set to scale greater heights.
For me, it was indeed a glittering display of talent,
but more than that – I was inspired by the talent
cultivation.
At Keppel, we too believe in mentorship,
harnessing talent and breeding leaders in their
fields of expertise.
With a global footprint spanning 30 countries now,
we need to be able to deploy good people and
tap their diverse strengths, skills and expertise to
sharpen Keppel’s competitive edge in markets
where we operate.
Talent management and succession planning
ensure we groom and retain the best individuals
to step up to greater roles and responsibilities, and
fulfill key leadership positions and functions.
As such, we are tenacious in our efforts to
strengthen the quality of our human resource base
across the Group.
Setting the stage for the pursuit of excellence,
through our vast platter of Group-led initiatives, is
not the entire deal.
Commitment and creative energies flow in both
directions between management and staff,
creating a hive of ideas that yields synergistic
benefits for the entire organisation.
That is the true artistry of Keppel’s approach
towards cultivating talent – senior management
proactively provides effective platforms for
individual self-discovery. As our people explore,
discover and realise their true potentials, they come
to embrace the key values of progress, dedication
and passion espoused by the Company.
This is our way in Keppel – we help our people
bring out their very best.
With tireless drive, creativity and pursuit towards
lifelong learning, every Keppelite contributes in his
or her own capacity to powering up our engine.
Indeed, our people, from senior management to
employees on the ground, are the very lifeblood
of our business.
Our best talents grow to become good leaders;
and great leadership will steer Keppel towards
achieving our business objectives – that of driving
growth, increasing value – as we pursue excellence
in all our conduct.
Being a conglomerate fortunately means that
opportunities for talent nurturance and exposure
are aplenty in the Group, through job rotations,
internships and overseas postings. Our businesses
provide many platforms for excellence but it truly
has to begin with the very individual.
March 2006
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3/31/06, 3:33 PM
Business
4 Business
Keppel shines at Singapore
Corporate Awards
At the inaugural Singapore
Corporate Awards (SCA)
presentation ceremony
held at the Raffles City
Convention Centre on
7 March 2006, Keppel Land
and Keppel Corporation
emerged the Gold winner of
the Best Annual Report
Award (ARA), and the Silver
winner of the Best Investor
Relations Award (IRA)
respectively, in the category
of listed firms with a market
capitalisation of $500 million
or more.
The
ARA
recognises
companies which have
demonstrated excellence
in financial reporting
presentation and a wider
scope of disclosures beyond
the minimum level of
regulatory requirements;
while the IRA honours
companies who have
showed quality disclosure,
corporate transparency and
fairness in disclosure.
Having been named the Best
Annual Report 15 times in
the last 30 years of the
former Annual Report Award
competition, and bagged the
Grand Award eight times, an
award which is presented to
the company whose annual
report wins the best award
for three consecutive years,
Keppel Land continues to
place great emphasis
on upholding corporate
integrity and accountability
to stakeholders.
“For us, it is not just
about winning awards and
accolades. Keppel Land has
always placed emphasis on
corporate disclosure and
transparency.
“The annual report is an
important communication
tool we use to share strategic
thrusts and plans for further
growth with investors,
customers, employees and
other stakeholders.
Keppel Land bags Best Annual Report Award at the inaugural Singapore Corporate Awards
“It is also a stewardship
report, and a document of
record of our company’s
achievements and activities,”
said Mr Choo Chin Teck,
Keppel Land’s Director of
Corporate Services, who
received the award on behalf
of the Company from Mr J Y
Pillay, Chairman of the
Singapore Exchange.
There is of course, a lot of
hard work done behind the
scenes.
It’s teamwork for Keppel Land’s award-winning annual report
Bringing it together are the
investor relations and group
corporate communications
teams who package the
information to ensure
consistency of message, tone
and positioning, going
March 2006
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3/31/06, 3:33 PM
through round after arduous
rounds of checking, vetting
and rewriting, to piece
together a winning annual
report.
The SCA honours the
commitment of listed
companies and individuals to
the highest levels of
corporate governance and
disclosure standards, and is
organised by The Business
Times in collaboration with
UBS and supported by the
Singapore Exchange.
Apart from ARA and IRA,
the organisers also confer
the Best Managed Board
Awards, as well as the Chief
Financial Officer of the Year
Award. keppelite
Business 5
GlobalSantaFe orders
ultra-deepwater drilling rig
Keppel FELS has secured a
contract with GlobalSantaFe
Corporation (GSF) to build an
ultra-deepwater drilling rig
for US$270 million.
Under
the
contract
agreement, GSF will supply
the drilling and sub-sea
equipment while Keppel
FELS provides the design,
engineering
and
construction of the hull as
well as the accommodation
quarters for 180 men and
marine equipment.
The rig, to be named the GSF
Development Driller III, is
scheduled for delivery in the
first quarter of 2009.
GSF has chosen to build the
state-of-the-art
semisubmersible (semi) to
the proprietary design, DSS51, jointly designed and
developed by Keppel’s
Deepwater Technology
Group (DTG) and Marine
Structure Consultants (MSC).
Mr Choo Chiau Beng,
Chairman and CEO of
Keppel Offshore & Marine,
the parent company of
Keppel FELS, said, “GSF and
Keppel share a longstanding
relationship which dates
back to 1987. To date,
Keppel FELS and GSF have
co-operated and completed
six new generation jackups
that are still performing
extremely well in the North
Sea, Eastern Canada and
South America.
“I am happy that we are
now working on our first
semi newbuild project
together, and I am confident
that the highly efficient
DSS-51 rig will meet GSF’s
charter commitment on
time and within budget.”
Commenting on the demand
for deepwater mobile drilling
rigs, Mr Choo said, “The
fundamentals for deepwater
exploration and production
are strong with consensus
amongst operators, drillers
and service providers that the
market for exploration and
production of hydrocarbons
will be sustained over the
next few years.”
According
to
ODSPetrodata’s 12-monthly
rolling forecast between
February 2006 and January
2007, the demand for
semisubmersibles is expected
to rise from 141 to 167 units
while the marketed supply
remains inelastic from 152 to
153. Even as utilisation levels
approach full capacity, global
demand for the mobile
offshore drilling units shows
no sign of slowing down.
Said Mr Jon A. Marshall,
President & CEO of GSF, “We
are looking forward to
Keppel FELS will build for GlobalSantaFe an ultra-deepwater semisubmersible rig designed by
Keppel’s Deepwater Technology Group (DTG) and the Marine Structure Consultants (MSC).
This DSS-51 is an enhancement of the successful DSS-20 rig, Maersk Explorer (above), built by
Keppel FELS
working again with Keppel
FELS on our newbuild semi.
Keppel FELS has a track
record of well designed and
built rigs that have been
delivered on schedule.
“In the last few years, GSF
has sent a number of rigs
to Keppel for repair and
upgrading. They have been
very
responsive
and
professional. I am certain that
the new semi will be a great
addition to our fleet.”
The
DSS-51
rig
is
maintenance-friendly with
excellent safety features well
suited for both exploration
and development drilling as
well as workover operations.
With
a
dynamically
positioned system (DPS 2), it
can drill wells down to
10,000 m (30,000 ft) and
operate in water depths of
up to 3,048 m (10,000 ft) in
environments such as
offshore Brazil, the Gulf of
Mexico, West Africa and
South East Asia. keppelite
March 2006
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3/31/06, 3:33 PM
6 Business
First waste-to-energy plant
in Jiangyin
Keppel Seghers will provide technologies and services for the first waste-to-energy plant to be built in the city of Jiangyin, Jiangsu province,
China
Keppel
Seghers,
the
environmental technology
division of Keppel Integrated
Engineering (KIE), has
secured a S$13 million
contract
to
provide
technologies and services for
the first waste-to-energy
plant to be built in the city
of Jiangyin, Jiangsu province,
China.
When completed in end
2007, the waste-to-energy
plant will be able to treat
800 tonnes of municipal
waste a day.
Keppel Seghers will provide
its proprietary equipment
design and technical
services for the furnace,
boiler and flue gas cleaning
components of the plant.
These
state-of-the-art
equipment and technologies
will enable the plant to enjoy
longer continuous operation,
high waste throughput, and
high steam production for
power generation.
Mr Chua Chee Wui, Acting
Chief Executive Officer of
KIE, says “This repeat order
from China Everbright
affirms the strength and
reliability of Keppel Seghers’
proprietary technologies.
“It is a vote of confidence
from our valued customer
that we deliver cost-effective
and robust environmental
solutions to meet the needs
of our partners and
customers.”
Keppel Seghers and China
Everbright first collaborated
in 2004 when Keppel
Seghers provided basic and
detailed engineering for the
Suzhou SuNeng Waste
Incineration Power Plant.
Keppel Seghers is currently
the market leader for
imported waste-to-energy
solutions in China, with 60%
of the market.
March 2006
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3/31/06, 3:33 PM
As the demand for waste-toenergy incineration services
grows in China due to the
burgeoning population and
heightened awareness of
the need to protect the
environment for sustained
economic growth, Keppel
Seghers is well positioned to
provide its expertise in
EPC services, technology
package, equipment supply
and other related waste-toenergy services to major
cities in the country.
Currently, Keppel Seghers is
also undertaking waste-toenergy projects in Changshu,
Shenzhen and Guangzhou.
Globally, Keppel Seghers has
an established track record of
involvement in thermal and
waste-to-energy projects in
Europe, USA and the Asia
Pacific for more than
40 years. Locally, Keppel
Seghers recently signed a
25-year Design-Build-OwnOperate contract with
the National Environment
Agency (NEA) for Singapore’s
first incineration plant to be
built under the Public-Private
Partnership (PPP) initiative.
keppelite
Business 7
Keppel yards pool resources to
offer fast track upgrading
US$177 million contract
for the upgrading of a
semisubmersible (semi)
drilling rig Blackford Dolphin
for Blackford Dolphin Pte Ltd,
a wholly-owned subsidiary of
Fred Olsen Energy ASA.
Blackford Dolphin, the
former Ocean Liberator built
in 1974, will undergo fasttrack refurbishment and have
her life span extended for
20 years. When completed,
the upgraded drilling unit
will have drilling depth
capabilities increased from
600ft to 7,000ft water
depth, enabling her to
operate in deepwater
environments worldwide.
leverage resources from sister
yards to carry out the job
simultaneously. In doing so,
we are able to satisfy our
customers’ needs in a faster
and more cost-efficient
manner.”
and maintenance works on
the semi. The rig is expected
to arrive at Keppel Verolme
by end March 2006.
Commenting on the strategy,
Mr Tong said, “By integrating
the expertise and experience
Both Keppel Shipyard and
Keppel Verolme will be
responsible
for
the
fabrication of the lower and
upper hull structures and
modules. Keppel Verolme
will also undertake the
overall integration of the
structure and modules as
well as carry out the repairs
of our yards, we make the
best use of our available
resources to provide
maximum value to our
customers.”
Said Mr Helge Haakonsen,
Chief Executive Officer of
Fred Olsen Energy ASA, “By
choosing a yard with a
proven track record for
delivering major drilling rig
conversions on time and
within budget, Fred Olsen
Energy aims to ensure
availability of the upgraded
rig to the market during third
quarter 2007.” keppelite
To meet the quick
turnaround delivery by end
June 2007, the project will be
undertaken jointly by Keppel
FELS and Keppel Shipyard in
Singapore and Keppel
Verolme in the Netherlands.
Said Mr Tong Chong Heong,
Managing Director/Chief
Operating Officer of Keppel
Offshore & Marine (Keppel
O&M), “This is a fast-track
upgrading project and
Keppel FELS is glad to partner
Fred Olsen in offering
innovative field development
solutions.
“To meet the tight delivery
schedule, Keppel FELS will
Blackford Dolphin is of the same design, Aker H-3, as Stena Clyde (shown) which was recently refurbished by Keppel FELS. Together with
Keppel Shipyard and Keppel Verolme, Keppel FELS will undertake the fast-track upgrading of the semisubmersible drilling rig.
March 2006
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3/31/06, 3:34 PM
8 Business
Keppel wins more jackup orders
Jackup rigs designed and built by Keppel are the epitome of skill and reliability.
Keppelite brings you four recent new orders.
US$110 MILLION JACKUP
FOR ATWOOD
Keppel
AmFELS
Inc.
announced on 3 March 2006
that its contract with a
wholly-owned subsidiary of
Atwood Oceanics Inc.
(Atwood)
for
the
construction of a new jackup
rig has become effective.
This contract follows the
Letter of Intent signed
between the two companies
announced on 7 February
2006.
The rig, excluding Owner
Furnished Equipment, is
valued at US$110 million and
is due for delivery in the third
quarter of 2008.
Said Mr Ho Cheok Yuen,
President and CEO of Keppel
AmFELS, “We are glad that
Atwood recognises our
ability to deliver solutions on
time and on budget. I am
certain that when delivered,
this new rig will be a great
addition to Atwood’s fleet of
rigs.”
This new rig will be built to
the LeTourneau Super 116E
design, with leg lengths of
477 feet (and can be
upgraded to 511 feet), and
capable of drilling wells up
to 30,000 feet deep in water
depths of 350 feet.
Mr John Irwin, President of
Atwood Oceanics, said
“Atwood and its affiliates are
pleased to have the
opportunity to work with
Keppel AmFELS on this jackup
project. Keppel AmFELS has
a long established reputation
as a strong shipyard with
extensive experience in the
construction of ultrapremium jackup drilling
units.”
US$171 MILLION RIG
ORDER FROM INDIA
contract from an India-based
drilling contractor, Discovery
A firm handshake between Mr C. Y. Ho, President/CEO of Keppel AmFELS (left) and Mr Alan
Quintero, General Manager (Engineering) of Atwood Oceanics, signifying partnership in the
construction of the new jackup rig for Atwood
The KFELS B Class jackup rig design is the market standard for premium drilling rigs
Hydrocarbons Pvt Ltd, a
Jindal Group Company, to
build a KFELS B Class jackup
valued at US$171 million.
This
includes
the
design, engineering and
construction of the rig as well
as costs in getting the
rig operationally ready.
Designed for water depths of
up to 350 feet, the rig can
be deployed in environments
March 2006
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3/31/06, 3:34 PM
such as Indian Ocean, Gulf
of Mexico, West Africa and
South East Asia. It can also
be readily upgraded to
400 feet water-depth.
Due for delivery in fourth
quarter 2008, the new rig
has a drilling depth capability
of 30,000 feet and
accommodation for 112
persons.
Business 9
Said Mr Sam Malhotra,
Director of Discovery
Hydrocarbons Pvt Ltd, “We
are glad to work with Keppel
FELS for our first newbuild
jackup. Keppel FELS has a
commendable track record in
design, construction and
timely delivery of jackups.
Their KFELS B Class, a tried
and proven design in many
offshore environments, has
been verified to meet our
drilling needs.
“We look forward to
developing and strengthening
our partnership with Keppel
FELS as we serve the Indian
and international offshore
market.”
Mr Tong Chong Heong,
MD/COO of Keppel Offshore
& Marine (Keppel O&M),
said, “The Indian Ocean
which has significant oil and
gas reserves is one of the
world’s most sought-after
areas. With this new
contract, Keppel O&M is
poised to entrench its
footprint in the offshore
Indian market as well.”
“We are glad to partner
Discovery Hydrocarbons as
it grows their fleet of rigs
to provide solutions for
the
offshore
market
internationally.”
THIRD JACKUP FOR
AWILCO
repeat order for a third KFELS
B Class jackup rig from
Awilco Offshore (Awilco) at
US$146 million, via the
exercise of an option
agreement.
The first and second rigs
were announced in February
and
August
2005
respectively.
Customised to Awilco’s
requirements, the new rig,
WilStrike, will be capable of
drilling down to 30,000 feet
in water depths of up to 400
feet. Delivery for this new rig
is expected in second quarter
2009.
Work on the first two rigs,
WilCraft and WilBoss, is
progressing well. Deliveries
are expected in fourth
quarter 2006 and early 2008
respectively.
FOURTH RIG ORDER
FROM SEADRILL
US$132 million contract
from a wholly-owned special
purpose company of SeaDrill
Limited (SeaDrill) for a KFELS
B class jackup rig.
Delivery of this new order is
expected in the second
quarter of 2008.
This order was secured via an
option given to Odfjell
Partners Ltd. (Odfjell) when
it ordered its first rig in March
2004. Odfjell placed an order
for its second rig in March
2005. In mid 2005, SeaDrill
acquired Odfjell Invest Ltd.
and was given the right to
exercise Odfjell’s option with
Keppel FELS.
Mr
John
Fredriksen,
Chairman of SeaDrill, said in
a comment, “We are
delighted to have signed
another new building
contract with Keppel FELS. A
competitive price, a good
delivery position and a very
capable yard, makes this into
a solid financial deal. The
ordering of the unit further
strengthens SeaDrill/Smedvig
ASA’s position as a serious
and committed owner and
operator of modern high end
drilling equipment”.
SeaDrill is also affiliated to
Cyprus-registered Seatankers
Management Co. Ltd
(Seatankers), which had
earlier placed one jackup
order with Keppel FELS.
Ownership of this rig has
been assigned to SeaDrill.
With these developments
and including the latest
contract, Keppel FELS will to
date be building four jackup
units for SeaDrill.
Mr Choo Chiau Beng,
Chairman/CEO of Keppel
O&M, said, “We are glad to
participate in SeaDrill’s vision
of building a fleet of
premium drilling rigs. We are
committed to deliver on time
and on budget the four
KFELS B class jackup rigs
which have a proven track
record of highly successful
operation in different parts of
the world.”
Like the three jackups, this
new rig will be of the KFELS
B Class design. It is capable
of operating in water depths
of up to 400 feet, drilling
depth of 30,000 feet and
accommodating 112 men.
Work on SeaDrill’s first three
rigs is progressing well at
Keppel FELS yard. The first rig,
SeaDrill 3, is scheduled for
delivery in May this year. Upon
delivery, she will be chartered
to Total Fina Elf in Nigeria at a
rate of US$166,000 per day
for two years. keppelite
With these new orders, Keppel FELS is abuzz with activities
March 2006
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3/31/06, 3:35 PM
10 Business
Keppel Land despatches documents
on K-REIT Asia to shareholders
Keppel Land Limited has on
20 March 2006 despatched
the Introductory Document
for the listing of K-REIT Asia
on the Main Board of
Singapore
Exchange
Securities Trading (“SGXST”), as well as a circular to
Keppel Land shareholders in
respect of the distribution in
specie of units in K-REIT Asia.
permit higher payouts from
the initial portfolio of
properties,
give
tax
transparency for Qualifying
Unitholders, transfer the
benefit
of
about
S$53.2 million in Section 44A
tax credits to shareholders
and provide shareholders
with more choice and
improved liquidity.
The listing of K-REIT Asia
and distribution in specie
together represent an
important milestone which
will both unlock value for
Keppel Land shareholders
and assist the Company in
enhancing its position as a
premier multi-national real
estate corporation in Asia by
way of leveraging its sterling
portfolio of properties,
strong network and quality
brand.
K-REIT Asia will have an initial
portfolio of four high quality
office buildings from Keppel
Land’s stable of commercial
developments:
For Keppel Land, the
distribution in specie
establishes K-REIT Asia which
will facilitate the redeployment of capital in
investment properties to
property
development
projects to generate higher
returns; create an enlarged
platform to generate feebased income and return
significant sums of equity
back to its shareholders.
For
Keppel
Land
shareholders, the formation
and listing of K-REIT Asia will
– Prudential Tower*;
– Keppel Towers;
– GE Tower; and
– Bugis Junction Towers
* about 44% of the total strata
area of Prudential Tower
Valued at S$630.7 million,
K-REIT Asia’s initial portfolio
has strong potential to
capitalise on rising office
occupancy levels and rental
rates in Singapore.
Quality tenants including
International Enterprise
Singapore,
Prudential
Assurance, InterContinental
Hotels Group, GE Pacific,
Novartis, The McGraw-Hill
Companies, KBC Bank and
California Fitness provide a
good, diverse tenant base,
which will support K-REIT
Asia’s earnings.
Bugis Junction Towers is one of four prime office buildings in K-REIT Asia’s portfolio
Subject to shareholders’
approval at the upcoming
EGM on 11 April 2006, each
Keppel Land shareholder will
receive 200 K-REIT Asia Units
for every 1,000 Keppel Land
shares held as at 5.00 p.m.
on 18 April 2006. No cash
consideration is payable for
these Units as this is a
distribution in specie in lieu
of a cash dividend. In so
doing, Keppel Land will
distribute up to 144,400,000
Units (or approximately 60%)
of the 240,508,000 Units
issued in part consideration
for the sale and purchase of
the properties. Keppel Land
Group
will
retain
approximately 40% of the
issued Units.
Professor Tsui Kai Chong, the
Chairman of K-REIT Asia and
a Director of Keppel Land
and the Professor of Finance
and Provost of SIM University,
March 2006
10
3/31/06, 3:35 PM
said, “K-REIT Asia’s initial
portfolio of high quality
properties will generate
stable income and forms a
strong foundation from
which K-REIT Asia will grow.
K-REIT Asia will be able to
tap on Keppel Land’s
expertise, market knowledge
of managing commercial
properties and industry
network for prospective
yield-accretive acquisitions.”
Should shareholders approve
the distribution in specie, it
is envisaged that trading of
K-REIT Asia Units will
commence on 28 April 2006.
Further details on the
introduction of K-REIT Asia to
the Main Board of SGX-ST
and on the distribution in
specie are set out in
Keppel Land’s circular and
introductory document
dated 20 March 2006 posted
on SGXNET. keppelite
Business 11
More FPSO contracts for
Keppel Shipyard
Keppel Shipyard has been
awarded two contracts
valued at approximately
S$130 million for the
conversion of two new
Floating Production Storage
and Offloading (FPSO)
facilities
for
Prosafe
Production (Prosafe).
A leading owner and
operator of FPSO and FSO
facilities, Prosafe has in the
last nine years entrusted
Keppel Shipyard exclusively
to carry out the conversion
of all their FPSO and FSO
systems.
Keppel Shipyard has
completed six FPSO/FSO
conversions for Prosafe since
1997.
With these two FPSO
conversions projects, the
number of such projects
carried out by Keppel
Shipyard for Prosafe will add
up to eight.
Said Mr Nelson Yeo,
Executive Director of Keppel
Shipyard, “We are delighted
with the trust and confidence
that Prosafe has in Keppel
Shipyard. We will continue to
focus on fast track
conversions to further
strengthen our market
position.”
Added Mr Hugh Parry,
Managing Director of
Prosafe, “We have entrusted
Keppel Shipyard with the
conversion of a number of
sophisticated FPSO projects
due to their strong track
record. We have confidence
in their reliable and quality
service.”
The first award is for the
conversion of the 25-year old
tanker, M.T. Apollo, into
an FPSO capable of handling
a daily oil production of
90,000 barrels of oil per day
(bopd), daily fluid capacity
up to 150,000 barrel of fluid
per day (bfpd) and having
a storage capacity of
1.78 million barrels of oil.
The work scope for the
257,865 dwt tanker will
include the fabrication and
installation of the internal
turret, flare tower and
helideck; integration of
production skids, boilers and
turbo alternators and
renewal of bottom plates, as
well as internal tank blasting
and painting.
Upon delivery in end 2006,
the facility will be deployed
in Polvo Field off Brazil for
Devon Energy.
The second award is for the
conversion of a Suezmax
tanker, a 25-year old tanker,
M.T. Ionikos, into an FPSO
capable of handling a daily
production of 50,000 bopd,
Keppel Shipyard has completed six FPSO/FSO conversions, including ABO FPSO, for Prosafe
since 1997
daily fluid capacity up to
120,000 bfpd and having a
storage capacity of 770,000
barrels of oil.
Work on the vessel will
include the fabrication and
installation of the internal
turret, flare tower and
helideck; integration of
production skids, boilers and
turbo alternators; renewal of
bottom plates, and internal
tank blasting and painting.
Due for completion in first
quarter 2007, the FPSO
facility will be deployed at the
Tui Field located in the
Taranaki Basin, offshore New
Zealand for New Zealand
Overseas Petroleum Ltd.
Keppel Shipyard is the world
leader in FPSO/ FSO
conversions,
having
completed 56 FPSO/ FSO
conversions and upgrading
projects since 1981. It is also
the leading yard in shiprepair
and other vessel conversions.
An innovative supplier of
products and services in
niche areas in the global
offshore oil and gas industry,
Prosafe is a leading owner
and operator of FPSO/FSO
vessels outside the North
Sea, specialising in the
supply, lease and operation
of cost-effective vessels for
projects where the company
can differentiate itself
through its innovative
proprietary system designs,
e.g. mooring systems and
fluid swivels, and long
proven track record. keppelite
March 2006
11
3/31/06, 3:35 PM
12 Business
The next lap for P-52
Having
successfully
completed the Singapore
lap, the lower hull of P-52
has left Keppel FELS for
Keppel FELS Brasil in Angra,
Brazil, where it will begin its
next lap.
Dry-towed, P-52 left on
22 February 2006 and will
take about a month of
arduous seafaring before it
arrives in Brazil. Upon arrival,
the lower hull will undergo
topside integration to form
one of the world’s largest
floating production units
(FPU).
Standing tall at 34 storeys
and with a main deck the size
of 10 Olympic swimming
pools, the P-52 FPU is being
constructed using cuttingedge construction and
engineering techniques.
Through two years of sheer
hard work and solid
partnership between the
Keppel-led consortium and
Petrobras, P-52 is well on its
way to completion.
When deployed in the
deepwater Roncador field in
the Campos basin in 2007,
the FPU will be able to
produce 180,000 barrels of
oil a day.
Yeong Wai Seng, Senior
Project Manager of Keppel
FELS, who took the project
through the Singapore leg
shared, “We are glad and
relieved. Glad that it is a job
well done on our part,
achieving great engineering
feats like the mating of the
two sections of the lower
hull. And we are relieved,
knowing that we are passing
the baton to our colleagues
in Keppel FELS Brasil who are
able to ensure that Keppel’s
stamp of quality will be
evident anywhere in the
world.” keppelite
Shouldering great responsibility, P-52 rests on Blue Marlim’s ‘shoulder’ sailing to the next lap.
Farewell Singapore, Ahoy Brazil!
An exceptional job
Dear Michael,
On behalf of Petrobras, I would like to say that we are very
pleased with the exceptional job done by Keppel FELS. We
have built up a very strong partnership and that has certainly
helped us to achieve what I call SUCCESS.
I would like to express my gratitude to those who have been
working closely with the Petrobras team.
Iqbal Rahuman and his engineering team. Yew Ming Yeong,
S Y Tan and their production team, Leow and his
commissioning team, Nonis, Marcus and QA team, W B Lim,
Tan Ven Fu, Richard Tay, Chor How Jat, B H Woo, Wai Seng
and many others.
Unfortunately, I can’t name all of them as the list would be
very long. My sincere apologies for that.
Last but not least, a very special thank you to Mr CB Choo
and Mr CH Tong.
Once again, thank you very much to all of you. I’m looking
forward to work with Keppel FELS again.
Best Regards,
Flávio Siqueira Júnior
P-52 Lower Hull Construction Manager
The lower hull of P-52 is tugged out to anchorage to await the arrival of Blue Marlim –
a dry-tow vessel – where it will then be loaded onboard before sailing to Brazil
March 2006
12
3/31/06, 3:35 PM
Business 13
Strengthening ties with Qatar
The Middle East is becoming an increasingly important market for Keppel.
Keppelite reports on two recent deals with Qatar.
DRYDOCKING QATARGAS
LNG CARRIERS
Keppel Shipyard has entered
into an Alliance Service
Agreement
for
the
drydocking of a fleet of Moss
Rosenburg (MOSS) type of
Liquefied Natural Gas (LNG)
carriers chartered by Qatar
Liquefied Gas Company Ltd
(Qatargas).
The five-year agreement was
signed with MO LNG
Transport Co., Ltd (MOL),
Nippon Yusen Kaisha Ltd
(NYK) and Kawasaki Kisen
Kaisha Ltd (K-Line).
The vessels under the fleet
agreement are Al Zubarah, Al
Khor, Al Rayyan, Al Wajbah,
Broog, Zekreet, Al Wakrah,
Doha, Al Bidda, and Al Jasra.
Keppel Shipyard has been
servicing this fleet of LNG
carriers from Qatargas since
1999.
The scope of work involves
drydocking for survey,
maintenance and repair.
The first two vessels
scheduled to call at Keppel
Shipyard
under
this
agreement are Al Wakrah
(72,453 dwt) and Zekreet
(72,316dwt) in early May this
year. It is the third drydocking in Keppel Shipyard
for both vessels.
“There is a growing demand
for natural gas worldwide,
particularly in Asia and the
US. Keppel Shipyard is wellpositioned to support the
growing LNG carriers market
which is expected to treble
by 2020,” said Mr Nelson
Yeo, Executive Director,
Keppel Shipyard.
NEW YARD WITH QATAR
GAS TRANSPORT
Keppel O&M has signed a
letter of intent with Qatar
Gas Transport Company Ltd.
(“QGTC”/“NAKILAT”) to
jointly develop and manage
a major new facility in the
Port of Ras Laffan, Qatar, for
the construction, repair and
maintenance of ships and
other marine structures.
Conclusion of the joint
venture agreement is subject
to approval by the Boards of
Directors of NAKILAT and
Keppel O&M.
Mr Faisal Al-Suwaidi, Vice
Chairman of NAKILAT, said,
“The new facility will be
designed and constructed
in accordance with best
international practice, and
suitable for the repair and
maintenance of very large
LNG carriers and a wide
range of other vessels; the
conversion of tankers to
With its specialised facilities and expertise in the repair of LNG carriers, Keppel Shipyard is
well positioned to support the growing market for natural gas
& Offloading and Floating
Storage & Offloading
systems,
and
the
construction of specialised
small ships, such as offshore
supply vessels.”
The yard will also be suitable,
with some additional
investment,
for
the
fabrication of structures for
the offshore oil and gas
industry (such as jackup
drilling rigs, process modules
and decks, jackets, wellhead
decks, flare booms, etc.),
and the fabrication of
components for land-based
petrochemical and industrial
plant. Additionally, the
facility will provide life-cycle
support in all the markets it
serves.
Mr Tong Chong Heong,
Managing Director and Chief
Operating Officer of Keppel
O&M, said, “For some time,
we have been servicing LNG
carriers for Qatar. We are
pleased to deepen our
relationship and partner with
NAKILAT in this significant
new venture, which is in line
with our “near market, near
customer” strategy.”
Planning of the new yard is
already well advanced, and
completion of the first phase
of development is scheduled
for fourth quarter of 2009.
keppelite
March 2006
13
3/31/06, 3:35 PM
14 Business
The Libeskind signature
at Keppel Bay
Keppel Bay will bear the
signature of a world class
architect, celebrated for its
iconic developments when
the Libeskind-designed
residential development is
launched later this year.
In the words of architect
Daniel Libeskind, “there will
be no where else like it in the
world.”
This new phase in Singapore’s
only true waterfront precinct
will rise on a 84,000 sqm
parcel which encompasses
the existing Keppel Marina
site, with full frontage to the
sea augmented by an
extensive shoreline of 750 m.
About 1,000 units of
premium luxury homes
will have vantage points
like no other residential
development in Singapore.
“The design will extend what
is already there and take it to
the next level,” said
Mr Libeskind who draws his
inspiration from the ‘genus
loci’ or spirit of place.
The much anticipated launch
of the first 200 units of this
new iconic waterfront
development is expected in
the fourth quarter of 2006.
keppelite
“It is not an anonymous
building that you can see
anywhere else in the world,
but will be clearly inspired by
very Singaporean elements,
and the site which has to do
with reflections and the view
to nature,” promised
Mr Libeskind.
The Libeskind development is
set to be the icon to define
the whole waterfront
precinct which includes
Harbourfront, Caribbean at
Keppel Bay, Sentosa and its
upcoming integrated resort
and Vivo City, touted
as Singapore’s largest
entertainment and retail hub.
World celebrated architect Daniel Libeskind shares with the Senior Minister Goh Chok Tong
the waterfront lifestyle he envisions at Keppel Bay
Bourbon AHTS delivered
Bourbon Artemis, an Anchor
Handling Tug/Supply (AHTS)
vessel with 120 tonnes of
bollard pull, is the fourth
of seven vessels Keppel
Singmarine has delivered to
the proud owner, BOURBON
Offshore Surf (Bourbon).
Godmother Mrs Anne-
Aymone de Chateauvieux,
wife of Mr Henri de
Chateauviex, a Director of
Bourbon, graced the
christening ceremony on
22 February 2006 held at
Keppel’s Benoi yard.
A sister vessel to three earlier
AHTS vessels, Bourbon
Aladin, Bourbon Apsara, and
Bourbon Alexandre which
were also delivered by
Keppel Singmarine, this
medium-size vessel is
designed and fitted with a
Class I dynamic positioning
(DP) system, firefighting
system, with capabilities to
be upgraded for standby/
March 2006
14
3/31/06, 3:36 PM
service duties and DP Class
II.
All the three subsequent
vessels for Bourbon are
expected to be delivered this
year. keppelite
Business 15
Indonesia’s best golf course
in Ria Bintan
Readers of the golfing
publication, Asian Golf
Monthly, have voted
Ria Bintan’s Ocean Course as
the Best Course in Indonesia
for the third consecutive year.
Into its sixth year, the
Awards are based on readers
survey and reward “the
best of the best in the
industry”.
Mr Jeffrey Low, General
Manager of Ria Bintan Golf
Club said, “All our staff are
proud of the award and are
inspired to improve further
on the course maintenance
and service standards to
ensure that all golfers
continue to enjoy playing at
Ria Bintan.
results and practices. This is
an on-going process by us to
present a well-maintained
course to golfers coming to
Ria Bintan in the years to
come.” keppelite
“We have been upgrading
our turf machinery to
produce better maintenance
Four in a row
It was another feather on the
cap for Sedona Suites Royal
Park, Hanoi.
Royal Park is the proud
recipient of the Vietnam
Quality Award and Golden
Dragon Award in 2005 and
is voted for the fourth
consecutive time as the ‘Best
Luxury Serviced Apartment’
in Hanoi. Quang Ba Royal
Park JV Co. Ltd, the
developer of Sedona Suites
Royal Park, was also
conferred the Third Category
Labour Medal by H.E. Tran
Duc Luong, President of the
Socialist Republic of Vietnam.
Conferred by the reputable
Vietnam Economic Times
Magazine in cooperation
with the Vietnam National
Administration of Tourism,
and presented by Mr Nguyen
Tien Dinh, Chairman of
Hanoi Trade Union, the
award recognises the social
and economic contribution
made by Sedona Suites Royal
Park to the city of Hanoi,
through ‘Excellence in the
Hospitality and Tourism
Industry in Vietnam’.
In thanking the Vietnamese
government for the honour,
Mr Linson Lim, General
Director of the JV and
Assistant General Manager,
Regional
Investments
(Vietnam), Keppel Land,
shared the success story of
the joint venture at the
awards ceremony held on
23 March 2006.
expectations of a discerning
expatriate community.
business as well as leisure
travelers.”
He said, “Both the foreign
and local partners in the JV
share the same vision of
creating
a
quality
development that would
satisfy the needs and
“That is the formula of
success that has made
Sedona Suites Royal Park the
preferred address of those
from the diplomatic corps,
multinational companies and
In its continued commitment
to the local community,
the JV made a donation of
VND 100 million to a
charity organisation that
benefits the poor and
underprivileged. keppelite
Home away from home for many people from different parts of the world, Sedona Suites
Hanoi has bagged several awards and accolades attesting to its high standard of product and
service quality
March 2006
15
3/31/06, 3:36 PM
16 Business
Friendship that spans 20 years
Keppel Shipyard and
N i e d e r e l b e
Schiffahrtsgesellschaft mbH
& Co. KG (NSB), with bonds
of friendship spanning
20 years, gathered to
celebrate the docking and
repair of NSB’s 150th
vessel, CMA CGM Voltaire,
at Keppel Shipyard on
23 February 2006.
Keppel Shipyard’s close and
long-standing relationship
with Mr Helmut Ponath,
President & CEO of NSB,
started in 1984 when
Mr Ponath first worked with
Mr Nelson Yeo for the
drydocking of a vessel from
his old company.
In 1988, the repair of NSB’s
first vessel, Proud Eagle, was
carried out at the old Keppel
Shipyard at Telok Blangah.
Since then, the partnership
has strengthened over time.
The mutual trust and bond
have blossomed into familylike ties at the two
companies.
This is clearly evident in the
strong turnout of the past
and present Keppel Shipyard
team members who had
worked with NSB over the
years.
Mr Choo Chiau Beng,
Chairman & CEO of Keppel
Offshore and Marine
(Keppel O&M), and Mr Tong
Chong Heong, MD & COO
Celebrating friendship – (from left): Mr Choo Chiau Beng, Chairman and CEO of Keppel O&M; Dr. Fritz Muller, Owner of “CONTI REEDEREI”;
Mr Tong Chong Heong, MD and COO of Keppel O&M and MD of Keppel Shipyard; Mr Bozidar Petrovic, Vice President, NSB; Mr Helmut
Ponath, President & CEO of NSB; Mr Herbert Prinzen, Owner of GEBAB Holdings; Dr. Hans Vieregge, Board Member of Norddeutsche Landes
Bank; Mr Nelson Yeo, Executive Director, Keppel Shipyard
of Keppel O&M and
Managing Director of Keppel
Shipyard, were also present
to extend Keppel Shipyard’s
appreciation for NSB’s
continued support.
Mr Nelson Yeo, Executive
Director of Keppel Shipyard
said: “I am proud to have
project managers like Kelvin
Goh and Jeffrey Chua who
are committed to dedicated
service
and
strong
partnership to NSB, our
friend and valued customer.
“I am confident that our
partnership will grow from
strength to strength. We look
forward to the docking and
repair of the 200th NSB
vessel in our yard in the near
future.” keppelite
The new relay team for NSB
In the nine years that
Kelvin Goh has been with
Keppel Shipyard, the
appointment as Project
Manager for NSB vessels
docking at Keppel
Shipyard is certainly his
major career highlight.
“The 150th vessel CMA
CGM Voltaire is my fourth
NSB baby. It is a great
honour to be entrusted as
the Project Manager for
the 150th NSB vessel
docking in Keppel.
“I enjoyed working with
the NSB team because
we share the passion
and enthusiasm. My
March 2006
16
3/31/06, 3:36 PM
Mr Bozidar Petrovic, flanked by Mr Nelson
Yeo, the first repair manager to undertake
NSB’s Proud Eagle, and Mr Kelvin Goh,
the Project Manager for 150th vessel
experience working with
the first NSB vessel
“BUXCROWN”
with
Mr Ponath has trained
me well to deliver the best
for NSB.”
Business 17
Delivering global solutions
To succeed, a shipyard must
have strong capabilities,
understand the needs of its
customers and be able to
provide solutions.
Mr Choo Chiau Beng,
Offshore & Marine (Keppel
O&M) shared this formula,
which mirrors that of Keppel,
at the World Maritime
Technology Conference
(WMTC) 2006 from 6-10
March in London.
Illustrating from the oil and
gas value chain, Mr Choo
discussed the role of a
shipyard in the upstream and
midstream sector.
In upstream, with its design,
construction and conversion
capabilities, Keppel is able to
provide seismic, drilling,
support and maintenance
vessels for the array of
activities in this area.
While in midstream, Keppel’s
expertise lies in providing
repair and upgrading services
to a suite of tankers and
transporters
including
Liquefied Natural Gas (LNG)/
Liquefied Petroleum Gas
(LPG) and crude oil carriers.
Mr Choo also spoke
about striking a win-win
relationship between the
shipyard and its customers.
Mr Choo (second from left) meets His Royal Highness The Prince Philip Duke of Edinburgh at
the World Maritime Conference 2006 in London
Citing Keppel O&M as an
example, he discussed how
the group partners its
customers to provide
maximum value that can
meet their needs and
business objectives.
Aptly themed Maritime
Innovation – Delivering
Global Solutions, WMTC
2006 aimed to promote
integrated solutions to
industry-wide issues while
assessing its impact on global
economies now and in the
future. keppelite
Keppel FELS Brasil achieves
double certification
Keppel FELS Brasil, together
with its subsidiary, BrasFELS
in Angra dos Reis and its
facility in Niterói, have been
awarded the Safety and
Occupational
Health
Administration OHSAS
18001 and ISO 14001
System of Environmental
Administration certification
by Bureau Veritas Quality
International (BVQI) in
February 2006.
With this, Keppel FELS Brasil
achieves the rare distinction
of being the first company in
Brazil’s marine industry to
obtain both qualifications.
of safety and environment at
our workplace to ensure we
provide products and services
of the highest quality to the
marine sector in Brazil.”
Said Mr Milton Areas,
Corporate Manager of
Health,
Safety
and
Environment (HSE), “Keppel
FELS Brasil is committed to
uphold the highest standards
“This marks an important
achievement in aligning
the systems and processes
of our Brazilian operations
with that of Keppel Offshore
and Marine to comply
with the international
environmental and safety
standards.
“It is the collective
achievement
of
the
employees of Keppel FELS
Brasil, especially the HSE
teams from BrasFELS and
Niterói,” beamed President &
CEO of Keppel FELS Brasil,
Mr Tay Kim Hock. keppelite
March 2006
17
3/31/06, 3:37 PM
18
Cover Story
Entertainment capital at
Caesars Singapore to draw tourists
Caesars Singapore will showcase many of the world’s firsts, leveraging the power
of media and state-of-the art technology.
That’s entertainment! Expect
new definitions to what
is entertainment and being
a tourism hub should
Keppel Land and Harrah’s
Entertainment (Harrah’s) win
the bid for the Marina Bay
Integrated Resort.
James Cameron at the
iPort, Star TV, Unusual
Entertainment
and
Teamwork Films are some
of the stellar cast who will
be joining Keppel-Harrah’s
in creating the Caesars
Singapore platform for
hubbing attractions, media
and technology.
These entertainment moguls
complete the team of Best
of the best – namely,
Architecture – Daniel
Libeskind; Conventions –
SMG, Suntec Singapore;
Arts & Culture – Centre
Pompidou; Entertainment –
AEG Live; Retail – Taubman
Asia, Gordon Group and
Peter Marino – many of
whom are also making
debuts here through the
Keppel/Harrah’s IR.
“We firmly believe in being
inclusive. In addition to
utilising our internal
expertise, resources and
network, we want to identify
the strongest and the best in
and around us to strengthen
our bid,” said Mr Lim
Chee Onn, Chairman of
Keppel Land.
“We
believe
a
comprehensive array of
expertise will make the IR
more successful than that
which relies on just one or
two partners.”
In assembling leaders and
innovators of their respective
fields, Keppel-Harrah’s
harnesses the pool of
creative ideas and specialised
expertise to collectively craft
dynamic content for its
offerings. The result of which
are distinctive and selfrenewing experiences which
always remain fresh and
compelling.
Larger than life – Academy Award winner James Cameron will champion the production of
the immersive virtual landscape for iPort at Caesars Singapore
March 2006
18
3/31/06, 3:37 PM
PORTAL TO THE FUTURE
OF ENTERTAINMENT
This is immersion. This is the
iPort.
Bringing the experiential
iPort to reality will be the
visionary himself, Academy
Award winner James
Cameron who has been
slated
the
executive
producer.
Take a quantum leap into the
future through the “iPort” at
Caesars Singapore, where
art, architecture, cuttingedge technology and
entertainment combine to
give the ultimate immersive
experience.
“iPort is something that is
truly pathfinding, something
that has never been done
anywhere in the world,”
said Gary Loveman, Harrah’s
Chairman,
CEO
and
President. “We believe this
will be the gateway
attraction for Asia.”
iPort will be a 1 million sf,
16-storey state-of-the-art
facility with dozens of major
attractions, interactive rides
and groundbreaking shows,
19
along with complementary
dining and retail experiences.
Describing the creative
essence of iPort, Craig
Hanna, chief creative officer
of Thinkwell Design &
Production, said, “This
immersive entertainment
experience will wow visitors
with amazing environments,
thrilling experiences and
much more.”
iPort packs in a world of
interactive virtual content
interlaced
with
live
performances across five
levels of 30 to 40 ft each.
Aimed at fully immersing
the visitor in its 3D realm,
each zone within iPort
will bring to life scenes in
action films, science fiction
movies and even wildlife
documentaries. From roleplay to simulations to
educational safaris, there
will be something for
everyone in the family.
Throbbing at the heart of
iPort will be the ‘Media
Canyon’, which spans the full
height of the 16-storey
building. The Media Canyon
comprises two 43m ‘video
cyclones’ of pulsing video
display from floor-to-ceiling.
Another attraction to look
forward to is the gondolatype people mover, which
meanders through the
building. It extends from the
The pods at iPort which will ferry visitors from one immersive experience to another
base of the Media Canyon
to the top of iPort ferrying
visitors in pods from one
virtual zone to another.
attractions at the Marina Bay
IR by leveraging the latter’s
popular media brands and
assets.
Singapore’s Marina Bay,”
said Richard Mirman, Senior
VP of business development
for Harrah’s.
“iPort, for me, is Christmas
morning. It’s a chance to
play with all the toys,” said
Mr James Cameron.
A fully-owned subsidiary of
News Corporation, STAR is
Asia’s largest broadcaster,
reaching 300 million people
across 53 countries in Asia
through 58 channels in nine
languages. The company
controls over 20,000 hours
of Indian and Chinese
programming and also
owns the world’s largest
contemporary Chinese film
library, with more than 600
titles, featuring superstars
including Jackie Chan,
Chow Yun Fat and Bruce Lee.
“We believe having a
powerful media partner will
help drive tourism and build
awareness for the integrated
resort throughout Asia and
specifically in the countries of
China and India.”
“This is a chance to push the
envelope and do something
that’s never been done. Think
of it not as a space, but as a
total immersion experience.
“A step through a door into
the future,” he said.
STAR-STUDDED
ATTRACTIONS
Adding another star to its
tourism appeal, KeppelHarrah’s has onboard STAR,
Asia’s leading media and
entertainment company to
create a wide range of
“Our agreement with STAR
is another significant step
toward the creation of an
experientially compelling
entertainment destination at
STAR, together with Caesars
Singapore will create a stateof-the-art broadcast studio,
a Channel [V] club, a STARbranded attraction within
the iPort, and will integrate
broadcast capabilities into all
of the live entertainment
venues of the IR.
STAR will also have access to
other live entertainment and
events hosted by Caesars
Singapore on a year-round
basis.
Continued on page 20...
March 2006
19
3/31/06, 3:37 PM
20
Cover Story
...continued from page 19.
This is the first time an active
production studio as such
can be found within an IR.
The broadcast studio will be
the home of STAR in
Singapore and will be a highenergy area of the integrated
resort with activities
throughout the day. Viewing
space will also be provided
outside of the studio so that
visitors can watch their
favorite shows being
broadcast live.
The iPort will be a state-of-the-art facility with dozens of major attractions, interactive rides and groundbreaking shows
Views from the top
Mr Lim Chee Onn,
Chairman of Keppel Land
“I think the government is
looking for execution and
roll out. I don’t mean just
by completing the project
or physical buildings
but…the software such as
marketing and know-how,
and the ability to provide
a platform for which we
can build Singapore into a
hub for many economic
activities.
“What we strive to do is
to use this integrated
resort as a platform and
integrate it into our
economy. So arising from
the platform will be a
whole range, a whole variety
of economic activities that
could come in many forms.
“This project is not just about
real estate or entertainment.
It is part and parcel of the
tourism sector in Singapore.”
Mr Gary Loveman,
Chairman, CEO and
President of Harrah’s
Entertainment
“We have put together
an integrated resort that has
much more to it with much
more innovative content to
drive tourism to Singapore.
This is after all, the
overarching objective of this
exercise.
“We believe the project
itself will constitute
some 10,000 jobs directly
in the integrated resort.
And based on common
multiples that we observed
elsewhere in the world
for projects like these,
we
think
in
the
neighbourhood of 35,000
jobs will be generated
purely by the integrated
resort itself.
“To the degree that it
spawns the level of tourist
visits into the city that we
think it will, there is much
more that can come from
there.”
20
“Every
day,
our
programming connects with
over 100 million viewers
across Asia – they may be
riding on the twists and turns
of our Indian soap serials on
STAR PLUS, karate chopping
along with Jackie Chan on
STAR CHINESE MOVIES,
following
Manchester
United’s every move on ESPN
STAR Sports or humming
along with their idols on
Channel [V].
“The agreement with
Caesars Singapore provides
us a unique opportunity to
extend our popular media
brands and assets into a
March 2006
“As Asia’s leading media
company, STAR takes pride in
owning a depth of media
brands and assets that are
ever-present, and instantly
recognisable to people from
Mumbai to Guangzhou,
Taipei to Singapore, Dubai to
Hong Kong and everywhere
in between.
3/31/06, 3:37 PM
21
whole different realm, where
visitors to Singapore can
experience the magic of
television
productions
firsthand. We are excited to
join Harrah’s and Keppel in
creating an environment
which will amuse, entertain,
and enthrall so many people
every day,” said Mr Steve
Askew, COO of STAR
and President of STAR
Entertainment.
In the pipeline are plans to
create a themed attraction
within iPort, to allow visitors
to watch their favorite shows
being recorded, participate in
live and taped shows, and to
visit the sets of famous
programmes.
STAR and Caesars Singapore
will also work closely with
leading record labels and
promoters to secure talent
for performances at the
Channel [V]-branded club,
which is set to be one of the
largest, most hip and
interactive night spots in the
world. The Channel [V] club
will give visitors a chance to
connect with some of their
favourite music, artists and
personalities.
“We are fully confident that
this project will be a huge
success for our partners,
our viewers and most
importantly the visitors and
people of Singapore,” said
Ms Askew. “The resort will
become a magnet for worldclass showbiz productions
and create an unmatched
entertainment experience for
every visitor.”
UNUSUAL-TEAMWORK
FOR LIVE CONCERTS
For live entertainment to
allow Asian fans to come up
close and personal with their
favourite idols, KeppelHarrah’s has brought
together live entertainment
experts Teamwork Film
(Teamwork) of New Delhi,
India, and local company
Unusual Entertainments
(Unusual) to tap the huge
India and China markets.
These leading concert
specialists with expertise in
planning live events for their
respective markets will give
Caesars Singapore and AEG
Live advice and direction on
entertainment venues, liveentertainment events and
marketing strategies.
“We are excited to have
Teamwork and Unusual join
us in our effort to create a
compelling entertainment
destination in Singapore,”
said Mr Mirman. “The trio of
AEG Live, Teamwork and
Unusual will ensure Caesars
Singapore presents its
visitors with a wide array of
exciting and ‘must-see’ liveentertainment offerings with
local, regional and global
appeal.”
Unusual, which brought
Hong Kong singer Sammi
Cheng and Taiwanese
groups 5566 and S.H.E to
Singapore, will also work
with Chinese artistes to
tailor shows especially for
Singapore.
“Unusual is the forerunner
in the Chinese concert
entertainment
scene.
The name Unusual is
synonymous with promoting
world-class acts from Hong
Kong and Taiwan in
Singapore,” said Mr Leslie
Ong, Executive Director of
the Unusual Group of
Companies. “We look
forward to putting that skill
and expertise to work at
Caesars Singapore, creating
yet another reason for locals
and tourists to visit this
world-class resort.”
Similarly, Teamwork, which
manages stars such as pop
diva Usha Uthup will
showcase the “best talent
India has to offer” in
traditional and contemporary
music and performances.
Indeed, Keppel Land and
Harrah’s have set the stage
to put Caesars Singapore
into the limelight in Asia
by creating an unrivaled
entertainment hub. keppelite
World-class concerts will be staged at Caesars Singapore
March 2006
21
3/31/06, 3:37 PM
22 Business
Keeping a promise sound
Safe and secure – flanking Anthony (front centre) and part of the Keppel O&M security team is the Outrider Squad
Each time a terrorist activity
takes place, it reminds us of
the uncertain times today.
Targets are indiscriminate,
making almost anything
anywhere a potential.
Shipyards are no exception.
In an environment where
safety and security are
paramount and adverse
distractions a liability,
nothing is left to chance.
That is why Anthony Toh,
Keppel O&M Group Security
Manager and his team of
Senior Officers lead a 114strong Group Security Team
to ensure that customers and
stakeholders are fully assured
of the security and safety of
the yards.
The team adopts a twopronged approach to the
security of the yards. The first
is to ensure that the daily
proceedings of the yards
are in order and the
second, strategic long-term
investments
and
implementation of systems
to keep antagonists at bay.
Mahinder shares, “For the
past 17 years, I patrol the
yard and take enforcement
actions
against
any
offenders. As a result, I may
have offended some people
or caused them to be wary
of me. However, I take pride
in carrying out my duties
fearlessly.”
Senior Guard Commander,
Mahinder Singh is one of
the outriders that the
security team deploys to
patrol the yard daily. During
his patrols, he ensures that
everyone adheres to the
yard rules, looks out for
any irregularities and
trespassers from land or
sea.
“I also ensure that vehicles
do not obstruct the flow
of traffic or cause any
obstructions in order to
facilitate all the work in the
yard,” he added.
Anthony and his secondin-command, Desmond
Oliveiro, who between them
have a total of 70 years
March 2006
22
3/31/06, 3:37 PM
of experience with the
Singapore Police Force, train
and educate their officers.
Providing an account on how
he taught his officers to do
surveillance when they
spotted a suspicious bag
(filled with copper trimmings)
lying around in the yard,
Anthony said, “I told them
to be in their civilian clothing
to be inconspicuous. Then to
keep a lookout on the bag
at a distance. Finally, the
culprit came back to collect
the bag and was nabbed by
us!”
The bigger challenge is in the
event of a crisis where the
systems set up are tested.
Business 23
requirements for world-class
maritime facilities.
Community Safety & Security
Program (CSSP).
On 13 Jan 2006, the SSWG
held its inaugural seminar to
share their on-going
partnership activities with the
Singapore Police Force,
Singapore Civil Defence
Force, Police Coast Guards
and the Maritime & Port
Authority of Singapore (MPA)
on security exercises and
drills to meet the ISPS
requirements.
“We invest a lot of resources,
time, money, manpower to
ensure safety in the yard
because we never know
what will happen. Accidents
do happen and risks are ever
present, but through these
investments, the detrimental
effects of these adversities
can
be
significantly
reduced,”said Anthony.
For all its efforts, the
Watch Group was presented
with a Silver award by the
South West Community
Development Council and a
Gold award by the National
Daunting, the task may be,
it is all in a day’s work for
Anthony and his team, as
they contribute to delivering
the promise of ‘On Time, On
Budget’ to customers. keppelite
Hawk-eye Senior Guard Commander, Mahinder Singh asserts that Big Brother is always watching
These
have
been
purposefully
and
painstakingly developed over
time to effectively respond to
the crisis.
One initiative is the Shipyard
Security Watch Group
(SSWG), which comprises of
Keppel O&M, Singapore
Technologies Marine (ST
Marine) and Jurong Shipyard.
Together with the Singapore
Police Force and other Home
Affair agencies in the Jurong
Industrial Estate, the SSWG
serves to tighten the
overall security within the
immediate vicinity through
joint patrols.
Combined training and
exercises that include crisis
simulations such as chemical
threats, bomb hoaxes and
hostage situations are also
carried out to strengthen
inter-yard relations. These
simulations are carried out in
compliance with the
International Ships & Ports
Security (ISPS) regulatory
Realistic simulation exercises are carried out by the Keppel O&M security team to fine tune the
co-operation and coordination with external agencies like the Singapore Police Force
March 2006
23
3/31/06, 3:38 PM
24 Business
Keppel Land joins Singapore Compact
Taking a step further in its
commitment to corporate
social responsibility (CSR),
Keppel Land has joined the
Singapore Compact.
Formed in January 2005,
Singapore Compact serves
as a national platform for
fostering dialogue and
collaboration on CSR
through
training,
collaboration and practical
project implementation.
Keppel Land shares the
Singapore Compact’s belief
in the importance of
integrating social values and
mission within business
decision-making, to achieve
positive and sustainable
outcomes towards business,
environment and the
community at large.
Every
Keppel
Land
development demonstrates
the Company’s commitment
to the community.
Home to some 2,200 shrubs
and 800 trees, Keppel
Land’s luxury waterfront
condominium, Caribbean at
Keppel Bay, for instance, was
bestowed two awards in
the Landscape Industry
Association (Singapore)
Awards of Excellence 2006.
These
include
the
Gold Award in the
Implementation/Residential
category for the quality of
plant materials used,
installation techniques and
craftsmanship, and Silver
Award in the Maintenance
category for the condition of
the plants and the cleanliness
of the site.
Similarly, One Raffles Quay,
Keppel Land’s premier office
development at Marina Bay
which is expected to be
completed later this year,
features energy efficient
solutions such as the use of
an energy wheel as heat
Environment conservation and eco-friendly initiatives form part of Keppel Land’s commitment
towards quality living and work spaces
exchangers to pre-cool air
before supplying to the Air
Handling Units (AHUs),
variable air-volume system
for optimum control of air-
conditioning and variable
speed drive in AHUs to cut
down fan speed and reduce
energy consumption for airconditioning. keppelite
Thai Chee Ken steps down
Mr Thai Chee Ken has
resigned as Director of Keppel
Land, and has relinquished his
appointments as Chairman of
the Audit Committee and
Member of the Nominating
Committee.
Mr Thai has been on the
Board of Directors of Keppel
Land since 1997, and has
contributed much to the
growth of the Company.
The Board of Directors would
March 2006
24
3/31/06, 3:38 PM
like to express their
appreciation for Mr Thai’s
invaluable contributions to
the Company. keppelite
Business 25
Visitors from Norway
Delegates from valued
customer, Sinvest ASA
(Sinvest)
of
Norway
visited Keppel FELS on
9 March 2006.
Onboard Deep Driller 2, the first Super B Class jackup built for Sinvest
A dialogue session was held
during the visit to allow
both companies to further
strengthen their relationship.
The delegates, led by
Mr Bjarne Skeie, Chairman
of Sinvest, toured the yard
and saw the progress of
various Sinvest projects.
Keppel FELS is building five
Super B Class jackup rigs for
Sinvest. The projects are in
various stages of completion.
The first rig, to be named
Deep Driller 2, will be
christened on 8 April 2006.
Involved primarily in
investments relating to the
offshore industry, Sinvest
ASA is a public company
quoted on the Oslo stock
exchange. keppelite
China yard gears up for more work
With the number of contracts
secured by Keppel Offshore &
Marine increasing steadily,
sister yards in Keppel’s global
network are gearing up to
share the workload.
At Keppel Nantong Shipyard,
renovation and refurbishment
works have already been
completed and the yard has
commenced construction
works for the offshore
support vessels (OSVs) under
contracts clinched by Keppel
Singmarine.
New facilities and equipment
such as cranes and steelplate cutting machines have
been added.
On 11 February 2006,
representatives
from
Gulfmark Offshore Inc.,
Keppel Singmarine’s longtime customer, visited the
yard. They were pleased with
the environment and
capabilities of the yard.
Keppel Nantong Shipyard is
currently building four
Anchor Handling Tug/Supply
(AHTS) vessels for owner
Hadi Offshore Pte Ltd., a
newly established Singapore
subsidiary of Saudi Arabian
company, Hadi H. Al
Hammam Establishment,
and two AHTS vessels for
Gulfmark Offshore, Inc. The
vessels are expected to be
delivered progressively from
third quarter 2007 till the
third quarter of 2008. keppelite
Keppel Nantong Shipyard’s management share the capabilities and facilities with guests from
Gulfmark Offshore
March 2006
25
3/31/06, 3:39 PM
26 Business
Focus on human capital
Keppel O&M hosted
delegates from the Ministry
of Manpower – Foreign
Workforce Department
(MOM) and the Economic
Development Board (EDB)
on 8 February 2006 for a
dialogue session and yard
visit to understand the
operations of the yard.
Said Mr Tong Chong Heong,
MD and COO of Keppel
O&M, “The industry has a
compelling need for a
constant
stream
of
tradesmen and for their skills
to be upgraded.”
Keppel O&M focuses on
multi-pronged human capital
development initiatives to
recruit, train, nurture and
retain talents in higher valueadded positions, such as
engineers, management and
supervisors.
These initiatives include
scholarships,
further
education sponsorships for
employees, participation in
career fairs, rehiring of retired
but physically fit employees
and supporting various
institutions in nation-wide
recruitment drives, such as
the SuperV programme,
Republic of Singapore
Navy – career transition
programme and the Yellow
Ribbon programme.
Urging for more mutually
beneficial initiatives, Mr Tong
said, “We look forward to
more such dialogues with
MOM and EDB to meet
manpower challenges faced
together.” keppelite
Mr Michael Chia, Executive Director of Keppel FELS (front) walks the ground with the MOM
and EDB delegation to provide them with a better understanding of the yard operations
Going the extra mile with
Singapore Petroleum
More than 40 cars took part
in the weekend drive-away
to Genting Highland on
25 February 2006.
The drive-away was the
second of such collaboration
between
Singapore
Petroleum (SPC) and
Mediacorp Publishing after
the successful expedition to
Terengganu in August last
year.
All participants were treated
to a special 20% discount on
petrol at SPC Tuas before
setting off on the 460kilometre journey. The event
was a star-studded event as
the convoy was flagged off
by Irene Tan (Rosie from Phua
Chu Kang) and Shaun Chen
(Xiao Xin from Channel 8’s
Holland V) at the Raffles
Marina.
Held in conjunction with the
drive-away was the popular
SPC Mileage Challenge.
This year’s challenge
produced two winners
instead of one. The results
were very encouraging as
both
winning
cars
outperformed
their
specifications by a whopping
26
3/31/06, 3:39 PM
67.49%
Said winner Mr Toh Chee
Chuan, “We never really
expected to win with six
persons onboard, but we are
all pleasantly surprised to
learn that our car completed
the entire journey with less
than 22 litres of petrol!”
keppelite
March 2006
70.49% and
respectively!
Business 27
Excellence award for Keppel FELS
Construction of WilCraft, the
maiden KFELS B Class jackup
for Awilco Offshore (Awilco)
began in April last year. Work
on the rig has progressed
well, culminating to the
project team achieving one
million manhours without a
lost time incident in February
this year.
Awilco has recognised this
achievement by presenting
Keppel FELS with a Safety
Excellence Award and a
Safety Bonus of US$10,000.
This commendation is
testament to Keppel Offshore
& Marine’s commitment to
excellence in safety, where
every employee is inculcated
with the value to make safety
a part of life.
Awilco too shares this value.
In its commendation letter,
Project Manager Pete
England wrote, “…(safety) is
something that we have
come to expect as second
nature from Keppel FELS.
Yet, what impresses us
further is that on WilCraft,
this has so far been achieved
without any let up on the
drive to meet schedule and
quality targets, despite the
current unprecedented
workload in your yard.”
Mr England added, “Safety
is one of the foremost
concerns for Awilco Offshore
in our fleet expansion
programme, and it is for this
reason that all our jack-up
rigs are equipped with a
significantly increased degree
of mechanisation within the
pipehandling process areas.
“The challenge for Keppel
FELS will be to safely and
successfully install, test and
commission this considerably
increased
scope
of
equipment for vessel delivery
in the fourth quarter of this
year. We would like to
take this opportunity to
encourage you to continue in
the same exceptional drive
and spirit that you have
displayed so far, and by doing
so, we are confident that you
will successfully surmount
these impending challenges
safely.”
To this challenge, our
response is Can Do! keppelite
Another successful repair for ENSCO
Keppel FELS has delivered on
schedule to long-time
customer ENSCO yet again.
In October 2005, ENSCO
contracted Keppel FELS for a
fast track repair job on
ENSCO 56. After a fourmonth stay in the yard, the
F&G Mod 2 jackup rig was
ready for its next assignment
in New Zealand.
The project scope included
upgrading of the drill floor
and cantilever systems,
painting
works
and
installation of additional
living quarters.
Rising to the challenge, Senior
Project Manager Wilson Goh
and his project team began
planning for the project
before the rig even arrived.
The completion of this repair
project marked the first
repair project with ENSCO’s
new Project Manager, Ron
Couet.
Rig inspections offshore prior
to the rig’s arrival at the yard
allowed the project team to
assess the job scope and look
into the engineering
details. Once the necessary
assessments were made,
material procurement and
pre-fabrication works were
carried out.
He said, “Although this
was my first repair project
with Keppel FELS, we shared
an excellent working
relationship. The strong
relationship has never
changed. I remember how
strong it was when I was first
here in 1996. Through this
project, I can understand
why ENSCO and Keppel FELS
have enjoyed such a long
standing relationship. I am
looking forward to our future
projects together. keppelite
Upon its arrival, the project
team swiftly launched into
action.
ENSCO 56 departs Keppel FELS’ yard as
scheduled, ready for its next assignment
March 2006
27
3/31/06, 3:39 PM
Team
28 Team
Staging class acts
Keppel continues to play its
part in growing the local arts
scene by setting the stage for
the celebration of artistic
brilliance.
On 13 March 2006 at
the Esplanade, Keppel
showcased a world class act
– The Gala Concert: Lorin
Maazel and the Singapore
Symphony Orchestra (SSO) –
to classical music lovers in
Singapore.
The evening presented
timeless classical favourites
–
Tchaikovsky
and
Mussorgsky’s masterpieces
– by the premier Asian
orchestra and music prodigy
Lidia Baich, led by world
celebrated Maestro Lorin
Maazel. The resounding
applause for encore and
curtail calls attested to their
riveting performance.
Guest-of-honour
Mr Raymond Lim, Second
Minister for Finance and
Foreign Affairs, as well as
Keppel’s guests, including
Keppel Group’s Board of
Directors and their business
associates, were greatly
impressed by the masterful
weaving of music by
Maestro Maazel, world
renowned as one of the most
distinguished conductors of
all time.
The marvellous Maestro Maazel
However, all eyes were
inevitably drawn to the Lady
in red – the talented and
young violin soloist Lidia.
Regarded as one of the most
extraordinary young violinists
on the global concert scene
today, the 20-year-old
Russian won her first
international competition at
the tender age of eight.
Many were spellbound
by her extraordinary
performance on a violin by
Joseph Guarnerius del Gesu
“ex Guilet” from 1727, lent
to her by the National Bank
of Austria.
Keppel and the SSO celebrated Maestro Maazel’s 76th birthday: (from left) Chairman of the
SSO Professor Cham Tao Soon, Maestro Lorin Maazel and Keppel Chairman Mr Lim Chee Onn
Mr Dennis Tay, Keppel Land’s
GM of Marketing shared his
appreciation of the concert,
“This is one of the best
performances by the SSO
March 2006
28
3/31/06, 3:40 PM
and I was also very moved by
the flawless performance by
Ms Baich.”
The previous evening, the
great Maestro celebrated his
76th birthday in a private
dinner co-hosted by Keppel
Chairman Mr Lim Chee Onn
and Professor Cham Tao
Soon, Chairman of the SSO
at Conrad Hotel Singapore.
This is not the first time that
Keppel has partnered the
SSO. Last March, the Keppel
Group sponsored the SSO at
the prestigious Avery Fisher
Hall in New York’s Lincoln
Centre, United States, in a
“sold-out” performance led
by SSO’s Music Director Lan
Shui, that also staged
renowned cellist Yo-Yo Ma
and violinist Gil Shaham.
keppelite
Team 29
A helping hand to the Clippers
Enroute from Singapore to
Qingdao in China, the
10-strong Clipper fleet was
suddenly diverted to
stopover at Subic Bay,
Philippines, on 5 February
2006 due to keel problems.
A survey identified an issue
with the connection
between the outer skin of
the hull and the keel.
Coming quickly with aid
where possible, the Keppel
Group, through its offshore
and marine division, assisted
in the supply of brand new
keel bolts for the entire fleet
of Clippers.
“As a Race Partner of
Singapore’s entry to the
Clipper Race – Uniquely
Singapore, Keppel have
shown tremendous support
to the Clipper 05-06 Race,
playing host along with other
Race Partners when the fleet
visited Singapore in January
2006.
“This time, they have
generously stepped in with
logistical help, supplying
crew with accommodation
for their stay in the
Philippines and now with the
engineering and supply of
220 keel bolts for the Clipper
fleet, ” said Race Director
Mr Tim Hedges of Clipper
Ventures.
Each boat is fitted with 21
bolts, weighing 2.5kg each
and every bolt is custom-
Sending-off in Filipino style. The Subic Shipyard & Engineering team turned up in full force to cheer on The Uniquely Singapore Clipper crew
made using the latest
Computer Aided Design
technology. With a team of
around 90 people working
on the fleet (amounting
to around 1000 daily
manhours), the rectification
work was completed in four
weeks.
While the repairs were
underway, the remaining
Singaporean crew put
up at the corporate
accommodation of Subic
Shipyard & Engineering, Inc.
(SSEI).
“Keppel is proud to be of
assistance to the Clipper
Race and to be associated
with the spirited adventure
seekers who will stop at
nothing to overcome the
odds. Whether Clipper and
their crew are in Singapore,
the Philippines or anywhere
else in the world, we will
always be delighted to find
solutions in any way we
can,” added Ms Wang
Look Fung, General Manager
of
Group
Corporate
Communications, Keppel
Corporation.
Located in Philippine
Economic Zone Authority
area of Subic, Zambales,
SSEI is a member of the
Keppel Offshore and Marine
group. The company is noted
for its repair and conversion
works on supertankers and
and Offloading (FPSO)
vessels.
Said Mr Charles Yap,
President and General
Manager of SSEI, “Extending
the Singaporean hospitality
to our friends in need in a
foreign land is our pleasure
indeed.”
The Clipper 05-06 Race set
sail again on 25 March from
Subic Bay in the Philippines,
after completing a series of
sea trials. The second half
of Leg Four (Race 6) was
re-commenced.
As a “Bon Voyage” gift,
SSEI gave away packs of
Philippines’ very own unique
dried mango to sweeten the
journey for the Clipper crew.
keppelite
March 2006
29
3/31/06, 3:40 PM
30 Team
KRC in efforts to promote health
Members of the Keppelite
Recreation Club (KRC) were
out in force in Orchard Road
on 18 February 2006 to help
sell coupons at the launch of
SingHealth Foundation’s
“Save Money, Save Lives”
Project 2006.
Proceeds from this fundraising project will go to
supporting SingHealth’s
medical research in the fields
of cancer, heart disease,
diabetes,
childhood
hereditary disorders and
neurosciences.
Despite having busy work
schedules and having to
sacrifice a Saturday, the
volunteers from Keppel were
glad that they could be part
of a good cause.
Winson Lim, Assistant
Purchasing Officer at Keppel
Shipyard shared, “I want to
lend a helping hand to those
who are less fortunate and
in poor health. I am happy
to be able to do this through
the KRC.”
If you want to be part of this
volunteer effort, please
contact Chew Meiyong
(DID): 6863 7170, (HP): 9796
8501 from 5th – 11th April
2006. keppelite
Baring his chest to help the less fortunate, volunteer Winson Lim combs the street for a good
cause
Ultimate rigs
Having made its debut in the
United States in December
2005,
the
National
Geographic MegaStructures
series, Ultimate Oil Rigs, is
finally in Asia!
The
documentary
is
expected to air on Thursday,
13 April 2006*.
So, stay tuned and catch
the world’s leading designer
and builder of rigs in action!
keppelite
*Please note that the airtime is
subject to change. Log on to
www.kepcorp.com for updated
details.
A one-hour documentary, it
will feature Keppel FELS
and a drilling contractor,
showcasing the ingenuity of
man in overcoming the
challenges of making and
operating mammoth drilling
jackup rigs.
March 2006
30
3/31/06, 3:40 PM
Team 31
Appreciating long-serving staff
Keppel
Integrated
Engineering (KIE) held a Long
Service Award ceremony on
3 March 2006 to recognise
the
dedication
and
commitment of long-serving
employees from KIE, Keppel
FMO, Keppel Seghers and
Keppel Prince Engineering.
The management from KIE, (seated from left) Mr Wong Khai Theen, Mr Wong Boon Kong,
Chairman of KIE and Mr Soh Chee Keong, Senior GM (Singapore Operations), with recipients
of the 40-Year Long Service Award, (from left) Mr Chang Wai Thim, Mr Chee Mun Tuck,
Mr Koh Ah Ang and Mr Shanmugam Supramaniam
Mr Wong Khai Theen, Senior
General Manager (Special
Projects) of KIE said, “Today,
our group-wide staff
strength is 2500, and KIE
would not be what it is today
without its people. I hope
that these exemplary
Keppelites will inspire the rest
of us to continue their good
work with the company.”
Together, the 49 recipients
have 770 years of working
experience
between
them. Said Shanmugam
Supramaniam of Keppel
FMO, who is one of the four
deserving Keppelites who
received the 40-Year Long
Service Award, “Once you’re
happy with your job and your
management takes care of
you, you can stay in the job
for many years.” keppelite
Committed to the local community
In Luo Yuan County, a rural
community in Fujian Province
of China, underprivileged
children trudge at least four
hours to and fro everyday on
their tired feet to get to
school.
This is because the schools
are located only in the cities,
while the children of Luo
Yuan live in the mountainous
region, deep in the villages.
To exacerbate the problem,
in this impoverished, coastal
community where fish and
land farming is the main
livelihood, and where natural
disasters ravage and destroy
homes, most families simply
cannot afford sending their
children to school.
Financial difficulties plus the
distance often put these
children at risk of dropping
out of school prematurely.
Keppel Land has come to the
aid of the children through
the Mainly I Love Kids (MILK)
Fund. Keppel Land has
committed to contributing
RMB 1 million to the
construction of a middle
school hostel for the needy
children of Luo Yuan.
The Chinese government will
provide the land and
undertake to build the first
two dormitory blocks, while
Keppel Land’s donation will
go towards building the third
block.
within 2006. Some 1,000
students will be able to
benefit from the hostel
project, and continue to
pursue their education.
Committed
to
the
community wherever it has
operations, Keppel Land is
glad to do its part to provide
access to educational
opportunities that open new
doors to progress. keppelite
The authorities are currently
working on the blueprint and
construction of the hostel,
scheduled to be completed
March 2006
31
3/31/06, 3:41 PM
32 Team
Welcoming new Keppelites
As a conglomerate with
businesses in the different
sectors of Offshore and
Marine, Property and
Infrastructure, Keppel offers
its people exciting career
and personal growth
opportunities across the
Group.
At a Group-wide Orientation
organised by Group Human
Resource on 15 March 2006
at Marina Mandarin, new
Keppelites were welcomed
to the family with an
introduction to the key
operations of Keppel’s
strategic business units
(SBUs).
Sharing with the new
Keppelites
were
key
executives from the Group,
including Keppel Chairman
Mr Lim Chee Onn who gave
the opening address.
In particular, a remark by
Mr Hoe Eng Hock,
Executive Director of Keppel
Singmarine, made a strong
impression on new Keppelite
Kenneth Yeo, Senior
Executive (Marina at Keppel
Bay project) from Keppel
Land.
“Everyone should be given
a second chance in life,”
Mr Hoe had shared.
Knowing that senior
management is focused on
people development is very
encouraging for Kenneth.
“I also feel the orientation
has been very helpful in
inducting us into the
corporate values espoused
by the Company, and giving
us an opportunity to interact
with our colleagues from the
other units.” keppelite
Kepture! for the Arts
At the GV Grand cinema in
Great World City, Keppelites
were gathered for the
movie-screening of Munich
organised by Kepture! on
4 March 2006.
struggle between the Israelis
and the Palestinians,” said
Lim Kian Lee, Senior Project
Manager from Keppel Land.
A pre-screening tea reception
was held at the outdoor
“Garden Terrace” to give
Keppelites an opportunity to
interact and get to know one
another.
Inspired by actual events,
based on a number of
sources including personal
recollections, and helmed by
renowned director Steven
Spielberg, the Academy
Awards nominee drew a
sell-out crowd of 175 seats.
“The event was well
organised and made going
for a movie show a special
occasion, as colleagues had
a chance to connect outside
of the workplace. The show
was a good choice as it
portrayed vividly the
A bigger theatre had to be
re-booked to cater for the
overwhelming response from
Keppelites who were eager
to catch the political thriller.
As the tickets were bundled
and cheaper in bulk, it
encouraged Keppelites to
No popcorn? But Keppelites still enjoyed the mingling during the pre-movie reception at the
Garden Terrace
bring along their family and
friends to enjoy the show
together.
Kepture! presents a series
of artistic performances to
entice or “kepture” the
March 2006
32
3/31/06, 3:41 PM
spirit of the arts amongst
Keppelites, as well as create
opportunities to mingle
across the various business
units on a quarterly basis. So
do keep a lookout for the
upcoming Acts! keppelite
Team 33
Keppel O&M holds inaugural
corporate orientation
“Our Core Values are
important anchors of our
organisation…”
Addressing new Keppelites
at the inauguration of the
Keppel O&M Corporate
Orientation on 3 March
2006, Mr Choo Chiau Beng,
O&M, reiterated the
importance of core values in
shaping behaviours and
actions.
To be conducted on a
monthly basis, the Keppel
O&M Corporate Orientation
provides an overview of the
organisation’s
Vision,
Mission, Core Values,
businesses,
strategic
directions, Group policies
and career progression. The
orientation program aims to
strengthen communication
with new Keppelites by
giving them an appreciation
of the various facets of
Keppel O&M.
Many of the particpants
expressed their appreciation
in providing them a
platform to interact with
the Management.
At the end of the orientation,
they were asked to pen
down the work targets they
Mr SN Jayakumar, General Manager of Marketing at Keppel FELS, shared his working
experience with participants at the inaugural Keppel O&M Corporate Orientation
hope to achieve in the next
six months in a “Dear Me”
postcard. At the end of
the six months, the selfaddressed postcard will be
posted back to them for
reflection and to take stock
of their set targets and
achievements. keppelite
Tackling the bird flu
Avian influenza A/H5N1, also
known as “bird flu”, is a
disease that kills domestic
poultry flocks. The outbreak
began in several South East
Asian countries and has
spread into Russia, Europe
and Africa. Huge numbers of
chickens, ducks, geese, and
other domestic birds have
been culled in affected
countries in an attempt to
slow or stop the spread of
the virus.
The virus is contained in the
excrement of infected birds,
and most people who have
contracted bird flu work with
or live near poultry. Symptoms
range from cough, fever, sore
throat and muscle aches to
eye infections, pneumonia
and other complications. At
this time, the virus does not
have the ability to spread
easily from human to human.
PRECAUTIONARY
MEASURES
1. Avoid live animal markets,
poultry and pig farms.
2. Do not handle sick or
dead birds.
3. Avoid handling any sick
animals, including cats.
4. Avoid touching any
surfaces that may be
contaminated by poultry
droppings, and do not
swim in any body of water
that is used by birds.
5. Maintain high levels of
personal
hygiene.
Frequent washing of
hands is very important.
Wash your hands before
and
after
food
preparation.
6. Poultry and pork products
and eggs must be
thoroughly cooked before
eating. Do not consume
raw poultry products,
such as raw duck blood.
7. Consider having a
seasonal
influenza
vaccination. Although this
will not protect you
against avian flu, it
reduces the risk of
seasonal influenza. Thus,
it reduces the chance of
becoming co-infected
with both seasonal and
avian influenza; such coinfection could result in a
pandemic strain of flu.
keppelite
March 2006
33
3/31/06, 3:41 PM
People
34 Community
Keppelites Abroad
What’s brewing in Belgium?
Leren is zoeken naar
vooruitgang. That’s a Flemish
wisesaying meaning “To
learn is to look for progress”,
a credo much embraced by
30-year old Koh Khai Yang,
Financial Controller of
Keppel Seghers Belgium.
In September 2004, barely a
year after he was married,
Khai Yang was offered the
chance to be posted to
Belgium. With firm support
from his wife, Khai Yang took
up the posting.
In Belgium, Khai Yang soon
assimilated to the Belgian
way of doing things. He says,
“Belgians are relatively
more inquisitive. They
would also proactively
make recommendations to
enhance the decisions
wherever relevant.”
“Taking charge of Keppel
Seghers Europe and the
Americas has allowed me to
be exposed to the working
styles, attitudes and cultures
of staff in these regions. The
work has also exposed me
to the various accounting
and tax regimes of these
countries,” says Khai Yang.
As the demand for
environmental services and
solutions grows around the
world, Khai Yang finds it
especially exciting to be a
member of one of
the
world’s
leading
environmental engineering
companies.
He says, “Today, more and
more countries realise that it
makes economic sense
to implement stricter
environmental regulations.
This creates tremendous
opportunities for Keppel
Seghers. We are currently
putting the building blocks
for growth in place and to
position ourselves when
global demand picks up.”
Khai Yang, who has a
one-month old daughter,
still remembers those days
when he first became dad.
“I had to return to Belgium
two weeks after my baby
was born. It was definitely
a painful experience. What
my wife and I did to alleviate
the pain was to have daily
web-cam conversations. The
time-zone difference didn’t
help,” he recalls.
In his spare time, Khai Yang
likes to drive around in
Europe, a refreshing
experience not available in
Singapore. He recently drove
10 hours to the Alps in
Germany. A ‘beer-lover’,
Khai Yang also finds it a joy
to be able to savour the
Khai Yang with wife Kai Shin in Madrid, Spain, where Keppel Seghers has a presence
300 different types of beers
from the local breweries.
As Keppel Seghers Belgium
is located within the Flemish
speaking region of Belgium,
Khai Yang has taken up
learning the Flemish
language, the official
working language. He
explains, “Flemish is
the mother tongue of
most colleagues. Official
documents are also in
Flemish. Learning their
language will allow me to get
to know the Belgian culture
better.”
March 2006
34
3/31/06, 3:41 PM
Reflecting on his life in
Belgium so far, Khai Yang
says, “As the Flemish saying
goes, Achter elk probleem
schuilt een nieuwe kans,
behind every challenge lies
a new opportunity. I am
certainly glad to have taken
up the posting in Belgium. It
has broadened my mind,
helped me gained new
perspectives, and exposed
me to different cultures. Of
course, I also enjoy Belgium’s
world-renowned beer and
chocolate!” keppelite
Community
Community
volunteers
Keppel
Equipping volunteers to make the difference
What do you do when an
intellectually challenged child
greets you with a hug?
Respond with a hug? Wrong.
Keppel Volunteers recently
organised a workshop for
members to learn the proper
way of interacting with the
children from the Association
for Persons with Special
Needs (APSN), Keppel
Group’s adopted charity.
Sharing with the group of
volunteers at the workshop
was Fredrick Low, a social
worker with APSN. He said,
“We encourage volunteers
not to reciprocate the hug
because we do not want
these children to grow up
thinking that it is alright to
hug someone they just met.
We have to teach them that
the proper way to greet an
acquaintance is to shake
hands.”
Enthusiastically,
the
volunteers raised questions
during the workshop. One of
the questions raised was,
“How should one treat the
children when interacting
with them?”
At the workshop, Keppel volunteers learn to handle issues when interacting with the children of APSN
Frederick responded, “Treat
them like how you would
treat any child or person,
with care, concern and
respect. What we aim to
achieve for them is to be
treated like any normal
person.”
Said Ms Ang Boon Yen from
SPC, “The workshop helped
me understand more about
APSN and the children we
interact with. It also
equipped me with a better
knowledge of handling the
different situations with each
child.
“They may appear normal
and come from a normal
family, but each child has his
own set of challenges. I really
admire the teachers who are
there to guide them through
their daily routines.”
Agreeing, Ms Celine Chen,
also from SPC said, “When I
interact with these children,
at times I am uncertain of the
answers to give to their
questions. Sometimes they
ask why they are different or
would they become normal
like the rest of us in future?
If a child tells me that he
would like to become a
policeman when he grows
up, what should be an
appropriate response?
“On one hand, I would like
to encourage him to work
hard; on the other, I do not
wish to give false hope. So
through these workshops, I
learn how to handle and
communicate with these
special children better.” keppelite
March 2006
35
3/31/06, 3:42 PM
35
36
BackPage
Alpha raises $720 million
exceeding fund target
Keppel Land Limited’s
wholly-owned real estate
fund management arm,
Alpha Investment Partners
Ltd (Alpha), has announced
the final closing of its Alpha
Core Plus Real Estate Fund.
The Fund has raised a total
of S$720 million which
exceeded its original target
of S$412 million. With
gearing, the Fund will
eventually reach a total asset
size of S$1.8 billion when it
is fully invested.
The
total
investor
commitments raised by
Alpha have now reached
S$1.6 billion. When they are
fully invested on a general
basis, Alpha will have a total
asset under management
(AUM) of S$4.4 billon.
Alpha’s first fund, Asia No 1
Property Fund, jointly
managed with Henderson
Global Investors, is now
more than 85% invested
or committed. Some
divestments have already
been made in that
opportunistic fund, and
capital
and
profit
distributions were made to
the investors in 2005.
Alpha also announced that it
has recently secured a
mandate from a Middle
Eastern investor to asset
manage an existing portfolio
in
Asia
valued
at
S$250 million. The mandate
calls for the portfolio to be
expanded to S$500 million
by end-2007 and has a target
of reaching an eventual asset
size of S$1.65 billion. This
portfolio will be managed
according
to
Islamic
principles.
Mr Kevin Wong, Managing
Director of Keppel Land said,
“The closing of the Core Plus
Fund and the new Islamic
mandate bear testimony
to the confidence that
institutional investors have
in the Alpha team. The
achievement further boosts
the significance of fee-based
businesses for Keppel Land.”
Thus far, Alpha’s funds have
all exceeded investors’
expectations.
Alpha’s Real Estate Securities
Fund, for instance, which
invests in listed real estate
securities with a target return
of 12% p.a., has over a twoyear period since its inception
in February 2004 achieved a
return of 32% p.a.
Besides outperforming the
market indices on an
absolute basis, this fund has
also produced the return
Vanguard is one of Alpha’s acquisitions in Tokyo, Japan
with lower volatility, a
common measure for risk.
Mr Loh Chin Hua, Managing
Director of Alpha said, “In
today’s market, raising funds
is just the start. The key is to
be able to invest the monies
in a prudent fashion and
meet the fund’s target
returns.
“We are pleased to have
exceeded our investors’
expectations and are
committed to ensuring our
funds continue to meet, or
better, exceed their targets.”
The Alpha Core Plus Fund,
started in March 2005, aims
to invest in institutional
grade, income-producing
properties in the developed
markets of Asia.
March 2006
36
3/31/06, 3:42 PM
Since its first closing, the
Fund has purchased three
assets in Tokyo and one asset
in Singapore. The latest
acquisition, completed in
January 2006, was a retail
building in the prime Ginza
district of Tokyo. Earlier
acquisitions included a luxury
residential block in the
swanky part of Roponggi,
overlooking the Mid Town
Project – a prime urban
landmark redevelopment by
Mitsui Fudosan.
In addition to the two funds,
Alpha also manages a fund
investing in listed REITS and
securities globally. Alpha
currently operates from three
offices in Singapore, Seoul
and Tokyo. keppelite

March 2006

Transcription

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