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Keppel O&M clinches contract valued at about S$600m

KEPPEL Corporation on Friday said its offshore and marine arm Keppel Offshore & Marine (Keppel O&M) has clinched a contract valued at about S$600 million from an unnamed energy company.

This was for the engineering, procurement and construction of a vessel for the offshore renewable energy industry, the conglomerate said in a bourse filing during the midday trading break.

The contract is on progressive payment terms and is not expected to have any material impact on Keppel Corp's net tangible assets and earnings per share for the current financial year, it noted.

Keppel Corp said the contract win is in line with its Vision 2030 road map, which includes seeking opportunities in providing renewable energy solutions.

Keppel O&M is building converter stations and substations to support the offshore wind energy industry in the German sector of the North Sea and in Taiwan. It also delivered and has a stake in Blue Tern - a multipurpose offshore wind turbine installer for the UK North Sea, Keppel Corp said.

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Shares of Keppel Corp were trading up S$0.02 or 0.5 per cent to S$4.49 as at 1.53pm on Friday, after the announcement.

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