Financial News - 24 MAR 2010: Keppel Shipyard secures conversion contracts worth $160 million

Keppel Shipyard secures conversion contracts worth $160 million. See report.

Key Points

• Keppel Shipyard Limited (Keppel Shipyard) has secured two contracts totaling $160 million to convert a Floating Production Storage and Offloading (FPSO) vessel for Single Buoy Moorings Inc (SBM), and a livestock carrier for an affiliated company of Hijazi & Ghosheh Co.
• Work on the FPSO is expected to commence in the second quarter of 2010 and completed in the third quarter of 2011. 
• Additionally, Keppel Shipyard secured a second contract to convert a vehicle carrier, Merlion Ace, into a livestock carrier for Merlion Ace Compania Naviera S.A

Author's Note
This news follows closely after the yesterday's announcement of the S$117.6 million contract for the German offshore wind farm. Hopefully this will provide a further boost to the share price, while unit holders awaits the S$230 cash dividend and 200 units of K-Green Trust (per lot) in April.