Keppel Offshore & Marine Ltd (Keppel O&M) has secured a contract valued at approximately S$600m from an energy company for the engineering, procurement and construction of a vessel for the offshore renewable energy industry. This is in line with Keppel Corporation’s Vision 2030, which includes seeking opportunities in providing renewable energy solutions.

Keppel O&M is able to provide a variety of design and construction solutions for the offshore renewable energy industry. It is currently building converter stations and substations to support the offshore wind energy industry in the German sector of the North Sea and in Taiwan. It delivered and has a stake in Blue Tern, one of the world’s largest and most advanced multipurpose offshore wind turbine installers for the UK North Sea.

The above contract is on progressive payment terms and is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.