Financial News - 29 JUL 2010: Keppel breaches new depths in the offshore wind energy sector

Keppel breaches new depths in the offshore wind energy sector. See press release.

Key Points

• Offshore arm Keppel FELS commercialises its new wind turbine installation vessel design for deeper waters in partnership with leading fleet owner and operator Seafox Group.
• Keppel FELS Limited’s (Keppel FELS) multi-purpose self-elevating platform (MPSEP) design has been chosen by the Seafox Group (Seafox) as the basis for a new-generation, wind turbine installation vessel that can withstand harsh offshore environmental conditions all year round in water depths of 65 metres in the North Sea.
• A 75/25 joint venture (JV) company has been formed between Keppel FELS and Seafox respectively, to build and own this US$220 million vessel. Seafox has the option of acquiring Keppel’s stake in the JV company.