Keppel Offshore & Marine (Keppel O&M) announced on Oct 9 that it has secured a contract worth approximately $600 million for the engineering, procurement and construction of a vessel for the offshore renewable energy industry.
The contract, which was signed with an unnamed energy company, is “in line” with Keppel Corporation’s Vision 2030, which includes “seeking opportunities in providing renewable energy solutions”, according to the group.
See also: DBS maintains Keppel Corp's 'buy' call after Vision 2030 announcement
In an SGX filing, Keppel O&M says that it is able to provide a variety of design and construction solutions for the offshore renewable energy industry.
An example cited, is its converter stations and substations that it is currently building to support the offshore wind energy industry in the German sector of the North Sea and in Taiwan.
The contract is on progressive payment terms and is not expected to have any material impact on Keppel Corporation’s net tangible assets (NTA) and earnings per share (EPS) for the current financial year.
See also: ASL Marine seeks to exit SGX’s watch-list
As at 12.49pm, shares in Keppel Corp are trading 2 cents higher, or 0.4% up, at $4.49.
