Driving Innovation Report to Stakeholders 2016 - Keppel Offshore & Marine
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Driving Innovation Report to Stakeholders 2016
Contents
Overview Operations Review & Outlook Global Network
02 28 72
02 Chairman’s Statement 28 Operations Review & Outlook 72 Near Market, Near Customer
06 Interview with Acting CEO 78 Yards & Offices
10 Financial Performance Technology & Innovation 80 Yard Equipment and Facilities
12 Group at a Glance 40 82 Contacts
40 Technology & Innovation
14 Board of Directors
18 Key Personnel Corporate Structure
Sustainability Report 84
46 84 Corporate Structure
Sustaining Growth
47 Managing Sustainability
48 Safety Excellence
52 Productivity and Quality
56 Environmental Performance
58 Risk Management
60 Regulatory Compliance
Empowering Lives
62 People Development
Nurturing Communities
68 Community Development
Keppel Offshore & Marine Ltd (Incorporated in the Republic of Singapore) 50 Gul Road Singapore 629351 Tel: (65) 6863 7200 Fax: (65) 6261 7719 / (65) 6265 1927 www.keppelom.com www.keppelfels.com www.keppelshipyard.com www.keppelsingmarine.com Co Reg No: 199900642R
Driving
Innovation
Keppel is a multi-business company committed to
providing robust solutions for sustainable urbanisation.
At Keppel Offshore & Marine, we are driving innovation
by leveraging our extensive industry experience to develop
leading-edge solutions that meet the evolving needs of the
market. Through working closely with industry partners,
we develop new technologies and provide customised
solutions for our clients.
Vision
Our vision is to be the provider of choice and
partner for solutions in the global offshore
and marine industry.
Mission
Keppel Offshore & Marine is a global leader in offshore
rig design, construction and repair, ship repair and
conversion, and specialised shipbuilding. We harness
the synergy of 20 yards and offices worldwide to be
near our customers and their markets.
Keppel Group’s Operating Principles
1 Best value propositions to customers.
2 Tapping and developing best talents from our global workforce.
3 Cultivating a spirit of innovation and enterprise.
4 Executing our projects well.
5 Being financially disciplined to earn best risk-adjusted returns.
6 Clarity of focus and operating within our core competence.
7 Being prepared for the future.
View our report online:
www.keppelom.com
01
Overview
Chairman’s Statement
We are focused on optimising our operations, Dear Stakeholders,
strengthening capabilities, seizing opportunities 2016 was another challenging year for
and leveraging innovation and technology to Keppel Offshore & Marine (Keppel O&M).
Apart from an uncertain international
emerge stronger from this downturn and environment characterised by slowing
global growth and increasingly
position ourselves for the future. protectionist sentiments in several
developed economies, the offshore and
marine sector continued to be severely
impacted by volatile and depressed oil
prices, which fell to a 13-year low of
below US$30 per barrel at the start of the
year. Oil majors responded by cutting
back capital expenditure in Exploration
and Production (E&P), thus resulting
in the lack of new projects coming
on-stream. While oil prices have since
rebounded to above US$50 per barrel at
the start of 2017 following the decision
by OPEC and other oil-producing
countries to cut production, we do not
expect a quick turnaround for the
offshore sector, which continues to
suffer from weak utilisation of the
existing offshore fleet and a continuing
oversupply of rigs and support vessels.
In addition, the United States (US) shale
oil production has also been rising,
offsetting the production cuts by OPEC.
We therefore expect and are prepared for
the long winter in the offshore and marine
sector to remain for some time.
Resilience Through Market
Turbulence
Despite the difficult conditions, Keppel
O&M achieved a creditable net profit
of $28.5 million in 2016. We made an
operating profit of $412 million, before
impairments amounting to $275 million
for fixed assets, stocks & work-in-progress
and investments. We secured new
contracts worth about $500 million for
non-drilling solutions, including orders
for three dredgers, a pipelay vessel
upgrade, four Floating Production
Storage and Offloading (FPSO) projects
and our first two dual-fuel diesel LNG
tugs, which will be built to Keppel’s
award-winning proprietary design.
Non-drilling solutions currently make up
over half of our $3.7b orderbook.
Our network of yards executed their
projects well, delivering 21 major projects
in 2016, including four jackup rigs, an
accommodation semisubmersible (semi),
one of the world’s largest harsh
environment land rigs, several FPSO
conversion and fabrication jobs, a
deepwater derrick pipelay vessel as
well as other specialised vessels.
Loh Chin Hua
Chairman During the year, we took carefully-
considered and decisive measures to
02 Keppel Offshore & Marine Ltd Report to Stakeholders 2016
rightsize in response to the changing We have also made moves into LNG
market conditions, not just to weather Bunkering through the 50-50 joint Operating Profit of
the downturn but more importantly, venture (JV) with Shell to supply LNG
to emerge leaner and more competitive
in the long run. In 2016, Keppel O&M
reduced its direct workforce by about
bunkering services in the Singapore port.
The JV, FueLNG, has secured its first two
contracts from Shell to provide bunkering
$412m
before impairments amounting to
10,600 or 35%, with about 3,800 in services for Keppel Smit Towage and
$275 million for fixed assets, stocks
Singapore and 6,800 overseas. In Maju Maritime’s dual-fuel tugs.
& work-in-progress and investments.
tandem, we rationalised the footprint
of our yards worldwide and mothballed In May 2016, Keppel O&M completed New Contracts of
two overseas supporting yards. Out of the acquisition of Cameron’s offshore
the seven yards in Singapore, we plan to
close three supporting yards as we
streamline our operations. Our business
product division and commenced
operations of Keppel LeTourneau with
offices in the US, United Arab Emirates
$500m
for non-drilling solutions, including
divisions are also improving processes and Singapore. The acquisition will not
orders for three dredgers, a pipelay
and reducing costs, including through only broaden Keppel O&M’s suite of
vessel upgrade, four FPSO projects
sharing resources and services. These jackup rig designs but also expand our
and two dual-fuel diesel LNG tugs.
collective measures have reduced business in the provision of aftersales
overheads significantly, achieving and aftermarket services for more than
savings of some $150 million in 2016. 150 LeTourneauTM rigs in the market.
Our streamlining and rightsizing efforts We remain steadfast in strengthening
will continue in 2017. Our yards will customer relationships and are purposeful
remain focused on executing both towards making early moves to enter
existing and new contracts well. We niche markets. In 2016, we entered into
expect to deliver some 20 newbuild and a shareholders’ agreement with Rosneft
conversion projects around the world, Oil Company and MHWirth to set up a
including jackup rigs, a drilling semi, Singapore incorporated joint venture
an ice-class vessel and several FPSO company (JVCO). The JVCO will establish
projects. We are set to grow our track a wholly-owned design and engineering
record in LNG solutions with the delivery Centre (DEC) in the Russia Federation
Golar Hilli, the world’s first Floating focusing on the design and engineering
Liquefied Natural Gas (FLNG) vessel of mobile offshore drilling units for
conversion later this year. shallow waters. This lays the foundation
for future work from Russian and other
Building Strengths, Leveraging international customers in the region.
Synergies and Positioning for Both the JVCO and the DEC will, in the
the Future conduct of their business and activities,
In the current uncertain environment, adhere to the prevailing US and European
what sets Keppel O&M apart from Union sanctions imposed on the Russian
other industry players are our strong offshore oil and gas sector.
competencies in execution and
innovation, our strengths as part of In non-oil and gas related products,
a diversified multi-business group with we have seized opportunities in the
a strong balance sheet and our financial building of specialised vessels. During
discipline. Beyond dealing with the the year, we made inroads into the
immediate challenges, the market dredger newbuild market when Keppel
downturn is an opportunity for us to Singmarine secured a contract to build
entrench our leadership position by three dredgers for Jan De Nul.
delivering our projects well, exploring
new markets and opportunities, building Our strategically-located yards and
new capabilities and investing prudently offices enable us to keep our ears close
in research and development. to the ground and engage clients and
partners to identify opportunities and
We continue to widen our solution develop solutions for captive markets.
offerings beyond our hallmark products. For example, in the US, our Keppel
The Liquefied Natural Gas (LNG) market AmFELS yard in Texas is actively looking
has good growth potential, given the to build vessels for the Jones Act market,
global push towards adopting cleaner which requires vessels travelling between
fuel technology. We have developed US ports to be built, owned and flagged in
technologies that cater to the LNG value the US.
chain, ranging from our liquefaction
technology, PreNEX, to proprietary Leveraging the wide range of capabilities
designs for offshore and onshore and synergies within the Keppel Group,
liquefaction plants, LNG carriers, Keppel O&M is also looking into adapting
barges and tugs. our proprietary technologies and
03
Overview
Chairman’s Statement
know-how for new applications. We of illegal activity, including bribery and
In the current uncertain environment, have been adapting our technology corruption, involving its employees or
what sets Keppel O&M apart from developed for the offshore industry associates.
other industry players are our strong for other uses, such as offshore wind
competencies in execution and support facilities, floating power plants On safety, we remain steadfast on
innovation, our strengths as part of and floating desalination plants, to continuous improvements regardless of
a diversified multi-business group provide practical solutions to meet the our operational activities. While Keppel
with a strong balance sheet, and our growing needs of sustainable O&M achieved a record low accident
financial discipline. urbanisation. frequency rate of 0.07 per million
man-hours worked, unfortunately, we
Reinforcing Sustainable Practices suffered four fatalities in 2016, despite
In Keppel, we believe that strong our best efforts. We are saddened by
corporate governance is key to the the loss of lives. Such tragic events
sustainability of our businesses and underscore the importance of
performance. As we grow our business unwavering vigilance in ensuring
in an increasingly complex international safety. Each incident was thoroughly
operating environment, our compliance investigated, with root causes identified
and control processes must also be and preventive measures introduced so
enhanced accordingly to ensure that that similar incidents are not repeated.
our people are well equipped to We continue to strengthen our efforts to
navigate through the intricacies ensure that employees and workers will
and challenges of various situations be able to return home safe every day.
across jurisdictions.
Even as we hunker down, people are
With regard to the ongoing investigations our core asset and we recognise the
in Brazil, following further internal importance of training and nurturing
investigations, Keppel recognised that our workforce to allow each staff to
some transactions involving a former maximise their potential. In 2016, we
agent of certain Keppel entities in Brazil invested $12.4 million in the training
might be suspicious. Keppel has notified of our workforce globally. We actively
and is cooperating and working with the deploy our talents across business
authorities in the relevant jurisdictions units, providing opportunities to gain
towards the resolution of the underlying exposure, glean new experience and
issues arising from or in connection with grow in the Group.
the transactions. I would like to assure
all stakeholders that Keppel has a Keppel is committed to environmental
zero-tolerance stance against any form sustainability. Our productivity measures
Keppel O&M is
developing innovations
and technologies to
stay ahead in the
market, including
undertaking the
world’s first floating
liquefaction vessel
conversion which is due
for delivery in mid-2017.
04 Keppel Offshore & Marine Ltd Report to Stakeholders 2016
Beyond dealing with the immediate challenges, the market
downturn is an opportunity for us to entrench our leadership
position by exploring new markets and opportunities, building new
capabilities and investing prudently in research and development.
have also contributed to reducing our for Singapore and ASEAN, to the Board. Mr Robert Somerville and Mr Tan Ek Kia
carbon footprint, as well as water and I am confident that the Board will benefit to support the Keppel O&M management
energy usage. We have set up the from Mr Kwok’s wealth of experience. He team as we navigate through this
Keppel O&M Energy Programme Office takes over from Mr Sit Peng Sang who challenging period.
to synergise energy saving initiatives stepped down on 31 March 2016, after
across all our shipyards. five years of service on the Board. On behalf of the management and
the Board, I would like to thank all
We also believe in empowering lives and After 36 years of service, Mr Chow Yew Yuen, Keppelites for their valuable
nurturing communities wherever we former CEO of Keppel O&M, retired contributions and deep commitment
operate. In 2016, besides raising money with effect from 31 March 2017 while to the company. I am confident that
for charitable causes, Keppel O&M staff Mr Wong Kok Seng, former Managing working together, as part of the Keppel
clocked more than 4,000 hours helping Director (Offshore) of Keppel O&M and Group, and with the grit and Can-Do spirit
out in the communities around them. Managing Director of Keppel FELS, retired that have come to define what it means
on 4 July 2016, after 23 years of service. to be a Keppelite, we will be able to
Acknowledgements ride through the rough waters, seize
On behalf of the Board of Directors, As part of our succession planning opportunities along the way and emerge
I would like to thank all our valued and leadership renewal, Mr Chris Ong, leaner, stronger and more competitive
customers, business associates, Managing Director of Keppel FELS, than we were before.
classification societies, vendors, has been concurrently appointed Acting
suppliers and contractors for their CEO of Keppel O&M with effect from Yours sincerely,
unwavering support. In addition, 1 April 2017. Chris is part of the talent
I would like to acknowledge and express pool which we have been nurturing for
appreciation for the support of all local, leadership succession at Keppel O&M,
state and federal authorities in the host and the Board and I are confident that
countries where we have operations. he will provide effective leadership to
Keppel O&M in the next stage of the
I would like to welcome Mr Kevin Kwok, company’s development. We have also
previously senior partner of Ernst & formed an Executive Committee (Exco) Loh Chin Hua
Young LLP and Head of the firm’s of the Board, chaired by myself Chairman
Assurance & Advisory Business Services and comprising Mr Lim Chin Leong, 5 April 2017
Everest, an ice-class
multipurpose vessel,
is Keppel Singmarine’s
11th ice-class newbuild
and is on track for
completion in mid-2017.
05
Overview
Interview with Acting CEO
Across our operations, we are restructuring Q What is the outlook for Keppel
to achieve greater efficiencies, increase Offshore & Marine in 2017
and beyond?
synergies between business units and share
resources to develop compelling solutions A We anticipate that 2017 will continue
to be a challenging year for us.
that are economical, well-designed and While the agreement by OPEC and
well-executed for customers across industries. some non-OPEC countries to cut
oil production saw oil price rise to
US$55 at the start of 2017, this
has been dampened by production
We must continue to execute our projects well and ensure increases from shale oil producers
that we maintain our strong reputation for safety, quality in the United States (US). In the
and timeliness. We are also exploring opportunities where short term, this will create uncertainty
we can repurpose and maximise our offshore technology in the price of oil, affecting global
exploration and production
to ensure a wider portfolio of product offerings. (E&P) spending.
It may take a while for oil companies
and fleet operators to significantly
increase expenditures in offshore
E&P as they focus on capital
discipline and improving balance
sheets in the current climate. In
addition, with low rig utilisation
and dayrates, coupled with an
oversupply of newbuild rigs, the
market will need time to absorb
the existing supply before we see
new rigs being ordered.
Chris Ong
Acting CEO
Keppel O&M
06 Keppel Offshore & Marine Ltd Report to Stakeholders 2016
However, we believe that the that are well-designed, fit-for- the future. There is a lot of flexibility
long-term demand for energy and the purpose and economical will be in the levers we can use, whether
fundamentals of the industry remain in demand. To this end, we are it is contract workers, equipment,
strong. The International Energy also exploring opportunities utilisation of yards and offices,
Agency (IEA) projects a significant where we can repurpose and among others. For instance, we
increase in worldwide energy demand maximise our offshore technology have redeployed our workforce
to 2040 as developing economies to provide unique solutions in according to where they are needed
continue to grow while global oil non-drilling markets. most, such as in marine operations
reserves are depleting and will need for repair work.
to be replenished.
In the absence of newbuild rig
In the meantime, there are pockets Q How is this down cycle different orders, we are maximising the
of opportunities in the floating gas from the past? What are you doing capacity in our yards with a variety
and production markets. According to tide through this period and of other projects such as repair,
to Energy Maritime Associates’ (EMA) prepare for the turnaround? modification and upgrading work
2017-2021 report, between 83 and as well as the stacking of rigs.
168 floating production systems are A Keppel O&M has weathered many Last year, Keppel FELS completed
expected to be ordered over the next cycles and emerged stronger. One 18 repair and upgrading projects
five years. of the differences in this cycle was worth more than $100 million while
the growth of US shale oil and its Keppel Shipyard repaired over
Demand for LNG is also expected reduced costs of development which 400 vessels.
to increase. Shell’s energy outlook contributed to the drastic fall in
forecasts that global LNG demand oil prices. Even as we rightsize, we have
is expected to increase by 4-5% a been conscious to retain our core
year between 2015 and 2030. The It means that the offshore oil and gas capabilities and personnel to
International Maritime Organisation’s industry needs to focus on achieving be ready for the upturn. We are
(IMO) confirmation that the global greater efficiencies in cost control maintaining our strategic network
0.5% cap on the sulphur content of and sustainability to be competitive of yards with the capacity and
marine fuel will come into force in with shale. There will have to be an capabilities to service our customers
2020 will spur widespread adoption equilibrium between shale and in a cost-effective manner wherever
of LNG as a marine fuel. As the reach conventional production for a they are. We are able to ramp up
and applications of small-scale sustainable supply of oil. capacity when the market rebounds
LNG continue to expand, it will and our yards are being restructured
increase demand in niche and For Keppel O&M, we have undertaken to be more efficient through
remote areas. restructuring efforts to not only mechanisation and automation
control our overheads and streamline to improve work processes,
Notwithstanding the current market our operations, but to also make us optimise production and reduce
conditions, we believe that projects stronger and more efficient for reliance on manual labour.
Despite challenging
market conditions,
Keppel continues to
perform creditably, by
focusing on executing
its projects well, such
as Armada Olombendo
and Karapan Armada
Sterling III, both of
which were delivered
to the satisfaction of
long-standing client,
Bumi Armada.
07Overview
Interview with Acting CEO
We are exploring new businesses that complement our
existing ones as well as investing in R&D to diversify and
expand our suite of products and services. This will help us
to de-risk against the cycles in the oil and gas industry.
rig designs, but also expanded our offloading vessels (FPSO) to floating
Q Having just taken over the helm, aftersales and aftermarket services. production semisubmersibles and
what is your immediate priority? Our joint venture company with tension leg wellhead platforms.
Rosneft and MHWirth to set up a
A My first priority is to ensure that we design and engineering Centre in
continue to execute our projects Russia, focusing on the design and
well and ensure that we maintain engineering of mobile offshore Q What are your long-term
our strong reputation for safety, drilling units for shallow waters, strategies to build a more robust
quality and timeliness. As I mentioned and adhering to the prevailing US and future for the company?
earlier, we are in the midst of a European Union sanctions on the
restructuring that will make us fitter Russian offshore oil and gas sector, A We are exploring new businesses
and more nimble while having a will enable us to support Russian that complement our existing ones
wider portfolio of product offerings. and other international customers as well as investing in R&D to
in the region. diversify and expand our suite of
Our ongoing deal with Borr Drilling products and services. This will
is a strong statement to the market During the downturn, as field help us to de-risk against the
that there are opportunities in the operators and oil companies cut cycles in the oil and gas industry.
current market for win-win solutions. down on their capital expenditure
It is also a testament to the strong including engineering capabilities, To meet the world’s growing
demand for Keppel’s proprietary we are able to support them with demand for LNG, we have
KFELS Super B Class rigs, even in our strong design and engineering developed various cost-effective
the present challenging market competencies. For instance, we are and innovative solutions across
conditions. able to provide a more integrated the gas value chain, including
solution by stepping up our undertaking the world’s first
Our people are also our key assets involvement and partnering floating liquefied natural gas vessel
and we are taking this time to upskill, our clients during the Front End (FLNG) conversion and building two
train and develop them across a Engineering Design (FEED) stage dual-fuel tugs to our proprietary
variety of functions. for more complex projects. design. We have also secured a
procurement contract to order long
We are investing prudently and To seize opportunities in the floating lead items (LLI) required for the
building new capabilities. With production market, we have grown conversion of a GasLog Ltd LNG
Keppel LeTourneau, we have not our expertise in this area, from carrier to a floating storage
only expanded our suite of jackup floating production storage and and regastication unit (FSRU).
Keppel FELS maximised
the capacity of its
yards with a variety
of projects besides
newbuilding, such as
repair, modification
and upgrading work.
It completed 18 repair
and upgrading projects
worth more than
$100 million in 2016.
08 Keppel Offshore & Marine Ltd Report to Stakeholders 2016Our R&D units have developed areas. Keppel FELS recently worked
innovations such as liquefaction with Keppel Infrastructure to
technology and small-scale LNG develop a floating desalination
carriers. To further bolster our efforts plant that is quicker and cheaper to
in the LNG-related business, we implement than land-based plants.
signed an MOU with Shell to jointly
explore potential opportunities to Our offerings in the offshore wind
cater to the demand for LNG as a fuel market include installation vessels,
in coastal areas, inland waterways foundations and transformer
and the international marine sectors. platforms. Another product we
Through our extensive gas strategy, have developed is the versatile
we are well-positioned to be an Keppel Self-Installing Platform
industry forerunner. which is a multi-functional fixed
platform design that provides
In the non-oil and gas markets, we offshore real estate.
are looking at leveraging our offshore
expertise and proprietary technology Besides product offerings, we are
to be used in adjacent and new embarking on collaborations to offer
markets. Keppel Singmarine secured new services and to develop more
orders for three trailing suction hopper efficient production methods. For
dredgers, a natural extension of our instance, we are providing sensing
specialised shipbuilding track record. technology, rig analytics, drone
inspection services and enhanced
Our yard in the US, Keppel AmFELS, 24/7 monitoring solutions as part
is exploring opportunities to build of the offerings to fleet owners.
vessels in the replacement cycle for Through the use of additive
the aging Jones Act fleet. Due to the manufacturing, especially 3D
Jones Act, which requires vessels printing, we are exploring
operating in the US to be built, owned improvements to the way we can
and flagged in the US, the current build, repair or even service rigs
US-built fleet is about 33-years old and vessels at sea which require
on average, compared to 13-years old uniquely shaped parts urgently.
for the global fleet.
Through synergies across our
We are also looking at repurposing business units, we aim to innovate,
our technologies for other markets reinvent ourselves and even look
such as offshore power, offshore for technologies that disrupt our
desalination and offshore wind. existing business models so that we
Offshore desalination and power can stay ahead of the competition
plants can meet the need for power and deliver the best value solutions
and water in land scarce and remote to our customers.
Keppel O&M delivered
six FPSO projects
in 2016, including
the FPSO Cidade de
Caraguatatuba
MV27 delivered by
BrasFELS in Brazil.
09Overview
Financial Performance
2016 was another challenging year for the requirements due mainly to rescheduling The Group’s return on equity (before non-
industry. Falling utilisation of existing rigs of rig deliveries resulted in net interest recurring items) was 14%, while Economic
coupled with a supply overhang of newbuilds expense of $92.6 million compared to net Value Added was $(59.3) million.
caused strong headwinds for the offshore interest income of $29.7 million in 2015.
business. Workload was lower due to the Contribution from associates of $47.4 million The Group delivered 21 major projects in
lack of new orders and the rescheduling of was 34% lower. Profit after tax of 2016. The total value of contracts secured
deliveries. As a result, revenue decreased $326.1 million was 38% lower compared for the year was about $0.5 billion and the
by 54% to $2.9 billion. Operating profit of to 2015. Net profit of $28.5 million was Group ended the year with a net orderbook
$412.2 million was 32% below that of 2015 94% lower after impairments of yards, (excluding the Sete Brasil semisubmersibles)
due to lower revenue. Higher working capital vessels, investments and associates. of $3.7 billion.
Key Figures for 2016
$3.7b
Net Orderbook Strong Net Orderbook at end-2016, of which
non-drilling solutions made up more than half.
21
Major Projects Delivered The number of newbuilds, conversions, major
repairs / upgrades that Keppel O&M delivered in 2016.
$500m
New Orders Secured Creditable level of new contracts for the year.
$150m
Reduction in Overheads Savings achieved year-on-year through rightsizing
and streamlining operations.
0.07
Accident Frequency Rate Accident frequency rate achieved in 2016 was an
improvement from 0.10 in 2015.
$12.4m
Training Investment The amount spent on training employees worldwide
during the year.
Group Financial Highlights
Consolidated Profit & Loss Account
for the financial year ended 31 December 2016
2016 2015 Change
S$’000 S$’000 %
Revenue 2,853,914 6,241,348 -54
Operating profit 412,228 607,881 -32
Net Interest / investment income / (expense) (92,598) 29,698 N.A.
Share of results of associates 47,384 72,013 -34
Profit before tax 367,014 709,592 -48
Taxation (40,911) (181,986) -78
Profit after tax 326,103 527,606 -38
Non-Controlling interests (22,864) (36,021) -37
Profit before non-recurring items 303,239 491,585 -38
Non-Recurring items (274,749) (11,097) N.A.
Net profit 28,490 480,488 -94
Economic Value Added (Before non-recurring items) (59,328) 186,708 -132
10 Keppel Offshore & Marine Ltd Report to Stakeholders 2016Consolidated Balance Sheet
as at 31 December 2016
2016 2015
S$’000 S$’000
ASSETS
Current Assets
Cash and cash equivalents 784,359 1,093,151
Trade debtors 1,865,007 1,620,640
Other debtors, deposits and prepayments 329,171 301,707
Stocks & Work-in-progress (Costs>Billings) 4,196,242 3,936,264
Amounts due from related companies 280,302 334,704
Other assets 80,631 84,222
Derivative assets 26,358 21,677
Total Current Assets 7,562,070 7,392,365
Non-current Assets
Other debtors, deposits and prepayments 113,188 121,871
Amounts due from related companies 308,791 26,072
Other assets 122,174 171,469
Derivative assets 49,228 61,524
Property, plant and equipment 1,521,199 1,711,499
Subsidiaries – –
Associated companies 587,365 568,115
Intangible assets 78,893 36,392
Deferred taxation 36,057 19,528
Total non-current assets 2,816,895 2,716,470
Total Assets 10,378,965 10,108,835
LIABILITIES AND EQUITY
Current Liabilities
Trade creditors 394,932 315,357
Provision for warranty 72,747 73,909
Accrued expenses 935,293 1,485,629
Work-in-progress (Billings>Costs) 1,574,748 1,751,319
Amounts due to related companies 1,722,432 2,747,960
Derivative liabilities 336,761 301,522
Term loans 100,625 116,704
Provision for taxation 93,922 143,448
Total Current Liabilities 5,231,460 6,935,848
Non-current Liabilities
Term loans 177,167 146,809
Amounts due to related companies 2,602,581 1,010,000
Deferred taxation 69,020 82,360
Deferred liabilities 1,270 1,287
Derivative liabilities 63,865 212,020
Accrued expenses 31,797 52,276
Total Non-current Liabilities 2,945,700 1,504,752
Capital and Reserves
Share capital 339,716 339,716
Capital reserves (449,530) (558,632)
Foreign exchange translation reserve (235,791) (310,804)
Retained earnings 2,388,260 2,009,770
Equity Attributable To Equity Holders of the Company 2,042,655 1,480,050
Non-controlling interests 159,150 188,185
Total Equity 2,201,805 1,668,235
Total liabilities and equity 10,378,965 10,108,835
11Overview
Group at a Glance
Headquartered in Singapore, we integrate and harness the
experience and expertise of 20 yards and offices worldwide
to be near our customers and markets.
Keppel Offshore & Marine Global Focus For 2016/2017
Global leader in offshore rig design, construction and Fortify Core Competencies
repair, ship repair and conversion, and specialised
shipbuilding. Continued focus on execution excellence,
resource optimisation, corporate governance
and risk management.
Headquartered in Singapore, Keppel O&M integrates and harnesses Leverage Growth Platforms
the experience and expertise of 20 yards and offices worldwide to
optimise deployment of resources and effectively execute our Invest prudently in R&D and new capabilities
Near Market, Near Customer strategy. to explore new markets and leverage proprietary
technology for non-oil and gas segments while
The head office serves two central functions, providing Operational strengthening market position for long-term
Services including technology, design and development, engineering growth.
and procurement, as well as Corporate Services covering finance,
legal, human resources, information services and corporate
development. Harness Global Synergies
Driven by innovation and a capable people with the Can Do! spirit, Leverage core competencies and synergies
we strive to become a builder of distinction in every aspect of across the Keppel Group to build up new
our business. strengths and expand solution offerings.
Increase Business Robustness
Seize opportunities to strategically acquire or
co-invest with partners in new capabilities and
facilities, while ensuring proper risk
management and compliance.
12 Keppel Offshore & Marine Ltd Report to Stakeholders 2016Offshore Marine Marine
Ship Repair and Conversion Specialised Shipbuilding
Leading designer, builder and Trusted industry name for Designer and builder of a
repairer of high-performance the repair, conversion and wide spectrum of highly
mobile offshore rigs. upgrade of a diverse range specialised ships for a
of vessels. global clientele.
The Offshore Division, helmed In the Marine Division, Keppel The Specialised Shipbuilding arm
by Keppel FELS, is a leading Shipyard is the trusted industry in the Marine Division is led by
designer, builder and repairer name for the repair, conversion Keppel Singmarine, which has a
of high-performance mobile and upgrade of a diverse range track record of some 400 newbuild
offshore rigs. of vessels. vessels of diverse functions
and sophistication.
The Division’s portfolio of Keppel Shipyard is a leader
proprietary designs and floating in the conversion of Floating Its portfolio of customised vessels
production solutions meets a Production Storage and Offloading, spans Anchor Handling Tug/Supply
broad spectrum of operating Floating Storage and Offloading, vessels, multi-purpose Offshore
requirements including deep Floating Storage Re-gasification, Support Vessels and tugboats
waters and harsh environments. and Floating Liquefaction units. to highly advanced solutions
Its competencies include topside such as ice-capable and subsea
With technology innovation and and turret fabrication. construction vessels.
competent design and engineering
capabilities, this Division offers With a strong commitment to Harnessing its suite of design
viable, cost-effective and highly Health, Safety and Environment and engineering solutions,
adaptable solutions for newbuilds and an established reputation of strong logistics and infrastructure
and upgraded offshore units. reliability, flexibility and quality support in Singapore, Keppel
for complex projects with quick Singmarine provides customers
turnaround, the Division continues with one-stop value-added services.
to deliver high value to its customers.
For more details on Offshore, go to: For more details on Marine, go to: For more details on Marine, go to:
pages 29–30 page 30 pages 30–32
13Overview
Board of Directors
Loh Chin Hua age 55 Chow Yew Yuen age 62
Chairman and Director and CEO
Executive Director (Retired w.e.f. 31 March 2017)
Date of first appointment as a director: Date of first appointment as a director:
14 October 2010 22 August 2011
Board Committee(s) served on: Board Committee(s) served on:
Board Safety Committee (Member) Board Safety Committee (Member)
Academic & Professional Qualification(s): Academic & Professional Qualification(s):
Bachelor in Property Administration, Bachelor of Science in Mechanical Engineering
Auckland University (First Class Honours), University of Newcastle
Presidential Key Executive MBA, Upon Tyne
Pepperdine University Attended Advanced Management Programme at
CFA® charterholder Harvard Business School
Present Directorships (as at 1 January 2017): Present Directorships (as at 1 January 2017):
Chairman, Keppel Offshore & Marine Ltd Chairman, Keppel FELS Brasil S.A.
Chairman, Keppel FELS Limited Chairman, Keppel Singmarine Pte Ltd
Chairman, Keppel Shipyard Limited Chairman, Keppel Philippines Holdings Inc
Chairman, Keppel Offshore & Marine Technology Chairman, Keppel Sea Scan Pte Ltd
Centre Pte Ltd Chairman, Deepwater Technology Group Pte Ltd
Chairman, Keppel Land Limited Chairman, Marine Technology Development
Chairman, Keppel Capital Holdings Pte Ltd Pte Ltd
Chairman, Keppel Infrastructure Holdings Pte Ltd Chairman, Offshore Technology Development
Chairman, Keppel Telecommunications & Pte Ltd
Transportation Ltd
Chairman, Alpha Investment Partners Limited Major Appointments (other than directorships):
Nil
Major Appointments (other than directorships):
CEO, Keppel Corporation Limited Past directorships held over the preceding
Member of National University of Singapore – 5 years (from 1 January 2012 to
Board of Trustees 31 December 2016):
Council Member of Singapore Business Nil
Federation
Board Member of Singapore Economic Others:
Development Board Former President of Association of Singapore
Marine Industries (ASMI)
Past directorships held over the preceding Former Chairman of National Work At Heights
5 years (from 1 January 2012 to Safety Taskforce
31 December 2016): Former Member of Workplace Safety &
Director, Alpha REITS Manager Ltd Health Council
Director, Fels SES International Pte Ltd Member of Singapore Accreditation Council
Director, KrisEnergy Limited Member and Director of Singapore Maritime
Director, Keppel REIT Management Ltd Foundation
Director, Keppel Land China Limited Member of ABS Offshore Technical Committee
and ABS Southeast Asia Regional Committee
Others: Member of DNV GL South East Asia & Pacific
Nil Committee
14 Keppel Offshore & Marine Ltd Report to Stakeholders 2016Stephen Pan Yue Kuo age 72 Prof Minoo Homi Patel age 67 Dr Malcolm Sharples age 71
Non-Executive and Non-Executive and Non-Executive and
Independent Director Independent Director Independent Director
Date of first appointment as a director: Date of first appointment as a director: Date of first appointment as a director:
19 June 2002 19 June 2002 19 June 2002
Board Committee(s) served on: Board Committee(s) served on: Board Committee(s) served on:
Audit & Risk Committee (Member) Nil Board Safety Committee (Member)
Academic & Professional Qualification(s): Academic & Professional Qualification(s): Academic & Professional Qualification(s):
Bachelor of Engineering, Youngstown University Fellow of the Royal Academy of Engineering, BESc. (Engineering Science), University of
Master of Science (Engineering), the Institution of Mechanical Engineers and Western Ontario
Carnegie-Mellon University the Royal Institution of Naval Architects PhD at University of Cambridge
Master of Business Administration, BSc (Eng) First Class Honours and PhD, Fellow of the Society of Naval Architects and
University of Washington University of London Marine Engineers
Chartered Engineer Athlone Fellow
Present Directorships (as at 1 January 2017): Honorary Member of the Royal Corps of Naval Registered as a Professional Engineer
World-Wide Shipping Agency Limited, Constructors Blakely Smith Medal Society of Naval Architects
Hong Kong (Chairman)
Eastern Asia Navigation Company Limited Present Directorships (as at 1 January 2017): Present Directorships (as at 1 January 2017):
BPP Technical Services Ltd Director of Keppel AmFELS, LLC
Major Appointments (other than directorships): BPP Cables Ltd Director of Offshore Inspection Services, Inc
Member of the Supervisory Board of SUSPA BMT Group Ltd
Gmbh BPP Technical Services (Asia) Private Ltd Major Appointments (other than directorships):
Specialist Pigging Services Ltd President of Offshore Risk & Technology
Past directorships held over the preceding Specialist Gas Separation Ltd Consulting Inc, USA
5 years (from 1 January 2012 to Member of Technology Advisory Panel at
31 December 2016): Major Appointments (other than directorships): Keppel Corporation Limited
Chairman and Director of Gard P & I Professor Emeritus, Cranfield University
(Bermuda) Ltd Past directorships held over the preceding
Past directorships held over the preceding 5 years (from 1 January 2012 to
Others: 5 years (from 1 January 2012 to 31 December 2016):
Nil 31 December 2016): Director of Offshore Energy Center
Professor Mechanical Engineering and Director
of Development in School of Engineering, Others:
Cranfield University Former Vice President of American Bureau
Non-Executive Director of Cranfield of Shipping
Aerospace Ltd Former President of Noble Denton
Others:
Nil
15Overview
Board of Directors
Tan Ek Kia age 68 Po’ad Bin Shaik Abu Bakar Mattar age 69 Lim Chin Leong age 62
Non-Executive and Non-Executive and Non-Executive and
Independent Director Independent Director Independent Director
Date of first appointment as a director: Date of first appointment as a director: Date of first appointment as a director:
20 May 2009 20 May 2009 13 September 2010
Board Committee(s) served on: Board Committee(s) served on: Board Committee(s) served on:
Audit & Risk Committee (Member) Audit & Risk Committee (Chairman) Board Safety Committee (Chairman)
Board Safety Committee (Member)
Academic & Professional Qualification(s): Academic & Professional Qualification(s):
Academic & Professional Qualification(s): Bachelor of Accountancy, Bachelor’s Degree in Electrical Engineering,
BSc Mechanical Engineering (First Class Hons), University of Singapore University of Singapore
Nottingham University, United Kingdom Master in Management, Asian Institute of
Management Development Programme, Management (Makati, Philippines) Present Directorships (as at 1 January 2017):
International Institute for Management Member of the Institute of Singapore Keppel Telecommunications & Transportation Ltd
Development, Lausanne, Switzerland Chartered Accountants Executive Director at iRock Technologies Co. Ltd
Fellow of the Institute of Engineers, Malaysia
Chartered Engineer of Engineering Council, Present Directorships (as at 1 January 2017): Major Appointments (other than directorships):
United Kingdom Hong Leong Finance Limited Nil
Member of Institute of Mechanical Engineer, NIE International Pte Ltd
United Kingdom Rahmatan Lil Alamin Foundation Ltd Past directorships held over the preceding
(Chairman of the Board of Trustees) 5 years (from 1 January 2012 to
Present Directorships (as at 1 January 2017): 31 December 2016):
Star Energy Group Holdings Pte Ltd (Chairman) Major Appointments (other than directorships): Independent Non-Executive Director of Imagi
Keppel Corporation Limited Member of the Public Service Commission International Holdings Ltd
KrisEnergy Ltd (Chairman) Member of the Council of Presidential Advisors
PT Chandra Asri Petrochemical Tbk Pro-Chancellor of NUS Others:
Transocean Ltd Former Chairman of Asia Schlumberger
SMRT Corporation Ltd Past directorships held over the preceding Former Business Advisor to Imerys
SMRT Trains Ltd 5 years (from 1 January 2012 to
Singapore LNG Corporation Ltd 31 December 2016):
Dialog Systems (Asia) Pte Ltd Director of Tiger Airways Holdings Limited
Major Appointments (other than directorships): Others:
Nil Former Senior Partner of Deloitte & Touche
Former Member of the Global Board of Directors
Past directorships held over the preceding of Deloitte Touche Tohmatsu
5 years (from 1 January 2012 to
31 December 2016):
City Spring Infrastructure Management Pte Ltd
City Gas Pte Ltd
Others:
Former Vice President of APME Ventures and
Development, Shell Chemicals
Former Chairman of North East Asia, Beijing,
Shell Companies
Former Managing Director of Shell Malaysia
Exploration and Production
16 Keppel Offshore & Marine Ltd Report to Stakeholders 2016Robert D.Somerville age 73 Chan Hon Chew age 51 Kevin Kwok Khien age 61
Non-Executive and Non-Executive and Non-Executive and
Independent Director Non-Independent Director Independent Director
Date of first appointment as a director: Date of first appointment as a director: Date of first appointment as a director:
1 May 2013 3 March 2014 1 May 2016
Board Committee(s) served on: Board Committee(s) served on: Board Committee(s) served on:
Board Safety Committee (Member) Audit & Risk Committee (Member) Audit & Risk Committee (Member)
Academic & Professional Qualification(s): Academic & Professional Qualification(s): Academic & Professional Qualification(s):
Honorary Doctorate of Science, Bachelor of Accountancy (Honours) Bachelor of Arts degree, University of Sheffield
The City University, London Chartered Accountant, Institute of Chartered (UK)
Honorary Doctorate of Commercial Science, Accountants, Australia Fellow of the Institute of Singapore Chartered
Webb Institute, New York Chartered Financial Analyst, CFA Institute Accountants
Honorary Doctorate of Science, Chartered Accountant, Institute of Singapore Member of the Institute of Chartered
Maine Maritime Academy Chartered Accountants Accountants in England & Wales
Program for Management Development, Chartered Accountant of the Malaysian Institute
Harvard Business School Present Directorships (as at 1 January 2017): of Accountants
Bachelor of Science, Marine Engineering, Chairman, Keppel DC REIT Management Pte Ltd Fellow of the Chartered Malaysian Institute
Maine Maritime Academy Director, Keppel Land Limited of Taxation
Director, Keppel Telecommunications & Fellow of the Singapore Institute of Directors
Present Directorships (as at 1 January 2017): Transportation Ltd
Nil Director, Keppel Infrastructure Holdings Pte Ltd Present Directorships (as at 1 January 2017):
Director, KrisEnergy Ltd Singapore Exchange Ltd
Major Appointments (other than directorships): Director, Keppel Capital Holdings Pte Ltd Mapletree Greater China Commercial Trust
Maine Maritime Academy Board of Trustees Management Ltd
(Chairman) Major Appointments (other than directorships): Wheelock Properties (Singapore) Ltd
CFO, Keppel Corporation Limited
Past directorships held over the preceding Member, Accounting Standards Council (“ASC”) Major Appointments (other than directorships):
5 years (from 1 January 2012 to Council Member, Institute of Singapore Chairman, Accounting Standards Council of
31 December 2016): Chartered Accountants (“ISCA”) Singapore
GasLog Ltd
Knightsbridge Shipping Limited Past directorships held over the preceding Past directorships held over the preceding
Golden Ocean Group Limited 5 years (from 1 January 2012 to 5 years (from 1 January 2012 to
31 December 2016): 31 December 2016):
Others: Former SVP, Singapore Airlines Limited Singapore Institute of Directors
Former Chairman and CEO of American Tiger Airways Holdings Limited NTUC Income Insurance Co-operative Ltd
Bureau of Shipping Inc Singapore Aviation & General Insurance Senior Partner Ernst & Young LLP
Former Chairman of the International Company (Pte) Ltd Ernst & Young Corporate Finance Pte Ltd
Association of Classification Societies RCMS Properties Private Limited NTUC Eldercare Co-operative Ltd
(2005-2006)
Others: Others:
Former Member of Singapore Accountancy Advisor – Centre for Seniors
Commission Board
Former Assistant General Manager
(Finance and Corporate Services) of
Wing Tai Holdings Limited
17Overview
Key Personnel
6 7
4
5
2 3
1
Keppel Offshore & Marine
1. Wong Ngiam Jih 5. Michael Chia Hock Chye
Chief Financial Officer Managing Director
(Retired w.e.f. 31 March 2017) Marine and Technology
KOMtech
2. Chris Ong Leng Yeow
Acting Chief Executive Officer 6. Chor How Jat
(w.e.f. 1 April 2017) Managing Director
Managing Director Keppel Shipyard
Keppel FELS
7. Abu Bakar Bin Mohd Nor
3. Chow Yew Yuen Managing Director
Chief Executive Officer Keppel Singmarine
(Retired w.e.f. 31 March 2017)
8. Paul Tan
4. Loh Chin Hua Chief Financial Officer
Chairman (w.e.f. 1 April 2017)
(Not in photo)
18 Keppel Offshore & Marine Ltd Report to Stakeholders 20164 6 7
8
2 4 7 10
1 5 9
3
1. Tan Geok Seng 6. Jeffery Shiu Chow
General Manager Director
Special Projects Legal
2. Kenneth Chong Yun Kien 7. Edmund Mah Soot Khiang
General Manager General Manager
Legal, Company Secretary Finance
3. Dr Lee Chay Hoon 8. Tommy Sam Yuin Sing
Director Chief Financial Officer
Organisation Development and Human Resources Americas
4. Lai Ching Chuan 9. Phillip Mah Mun Kuen
Director General Manager
Corporate Development Security
5. Yong Chee Min 10. Ang Ting Yang
Director General Manager
HSE and Special Projects Corporate Development
19Overview
Key Personnel
1 8
4 6
2 5 7
3
Keppel FELS
1. Jay Singham 5. Chris Ong Leng Yeow
General Manager Managing Director
Commercial
6. Jerald Lee Quan Ti
2. Keith Teo Tiong Gee Financial Controller
General Manager
Marketing 7. Tan Leong Peng
General Manager
3. Wong Fook Seng Engineering
Executive Director
Quality System and Process Excellence 8. Max Goh Han Bin
General Manager
4. Mohamed Sahlan Bin Salleh Operations
Executive Director
Operations
20 Keppel Offshore & Marine Ltd Report to Stakeholders 20161 4 7
6 10
2 8 9 11 12
5
3
Keppel Shipyard
1. Ivan Lim Shaw Chuan 8. Albert Kee Heok Seng
General Manager Executive Director
Operations Operations
2. S. Jayakumar 9. Burt Loh Kok Mun
General Manager General Manager
Projects Operations
3. Louis Chow Wai Laye 10. Boo Chin Tuan
Executive Director General Manager
Commercial Operations Excellence
4. Jim Lim Jit Pok 11. Chandru Sirumal Rajwani
Financial Controller General Manager
Special Projects
5. Chin Sze Kiun
General Manager 12. Leong Kok Weng
Commercial – Repair General Manager
Engineering
6. Michael Chia Hock Chye
Managing Director
Marine (Keppel O&M)
7. Chor How Jat
Managing Director
21Overview
Key Personnel
6 8
4 5 11
1 2 7 9 10
3
Keppel Singmarine
1. Tan Ser How 7. Tan Choon Sze
Assistant General Manager Financial Controller
Commercial
8. Loh Kee Huat
2. Mohd Norhelmy Bin Ja’afar Assistant General Manager
Assistant General Manager Projects
Human Resources and Organisation
Development 9. Au Yeong Kin Ho
General Manager
3. Poon Tai Lum Engineering
General Manager
Commercial and Marketing 10. Cong Yu Jie
Assistant General Manager
4. Lee Yoong Hoong Engineering
Assistant General Manager
Operations 11. Li Gang
Assistant General Manager
5. Edmund Lek Hwee Chong Marketing
Executive Director
Operations
6. Abu Bakar Bin Mohd Nor
Managing Director
22 Keppel Offshore & Marine Ltd Report to Stakeholders 20165 7
1 4 6
2 3
Research & Development
1. Dr Matthew Quah Chin Kau 5. Aziz Amirali Hasham Merchant
General Manager, Design Executive Director
Offshore Technology Development KOMtech
Senior Programme Manager Deepwater Technology Group
Offshore Structures and Analysis, KOMtech Marine Technology Development
2. Lim Ah Cheng 6. Charles Sim Paik Huat
General Manager General Manager
Offshore Technology Development Gas Technology Development
Technical and Projects Director
3. Dr Foo Kok Seng Gas Technology and Offshore
Executive Director Production, KOMtech
Offshore Technology Development
Shallow Water Technology, KOMtech 7. Anis Altaf Hussain
General Manager
4. Michael Chia Hock Chye Marine Technology Development
Managing Director Programme Director
Technology (Keppel O&M) Deepwater Technology, KOMtech
KOMtech
23Overview
Key Personnel
Overseas Heads
1. Kwok Kai Choong 2. Marlin Khiew
Keppel FELS Brasil S.A. Huey Kang
Estaleiro BrasFELS Ltda
1 2
3. Harold W.M. Linssen 4. David Loh Tah Huay
Keppel Verolme BV Nakilat-Keppel Offshore
& Marine Ltd
3 4
5. Ezra Chiam Soon Lin 6. Wong Jen Ming
Keppel Subic Shipyard, Keppel Batangas
Inc Shipyard, Inc
5 6
24 Keppel Offshore & Marine Ltd Report to Stakeholders 20167. Lau Kuat Pin 8. Simon Lee Kim Foong
Caspian Shipyard Keppel AmFELS, LLC
Company, LLC
7 8
9. Edmund Lek 10. Michael Holcomb
Hwee Chong Keppel Marine Agencies
Keppel Nantong International, LLC
Shipyard Co. Ltd
Keppel Nantong Heavy
Industry Co. Ltd
9 10
11. Leong Siew Loon 12. Lam Khee Chong
Arab Heavy Industries Baku Shipyard, LLC
PR.J.S.C
11 12
25Overview
Key Personnel
Overseas Operational Centres
Arab Heavy Industries PR.J.S.C Keppel FELS Brasil S.A. Nakilat-Keppel Offshore & Marine Ltd
Leong Siew Loon Kwok Kai Choong David Loh Tah Huay
Managing Director President and Chief Executive Officer
Chief Executive Officer
Felix Allen Jerome
PT Bintan Offshore Tommy Sam Yuin Sing General Manager
Vice President Operations
Max Goh Han Bin
General Manager Samuel Wong Chung Han
Chief Financial Officer Regency Steel Japan Ltd
Keppel Philippines Marine, Inc Gilberto Israel Wong Chun Yu
Commercial Director President
Chor How Jat
Chairman Karina Stoff Fonseca Mendonca Naoya Hachigoh
Legal and HR Director Chief Operating Officer
Leong Kok Weng
President Alceu Mariano De Melo Souza
Institutional Relations Director Keppel Singmarine Brasil Ltda
Stefan Tong Wai Mun
Executive Vice President Loh Kee Huat
Estaleiro BrasFELS Ltda General Manager
Keppel Batangas Shipyard, Inc Marlin Khiew Huey Kang
President Baku Shipyard, LLC
Wong Jen Ming
Luiz Carlos Caetano Dos Santos Lam Khee Chong
President
Operations Director General Manager
Keppel Subic Shipyard, Inc
Keppel Verolme BV Keppel LeTourneau
Ezra Chiam Soon Lin
Harold W.M. Linssen Dr Foo Kok Seng
President
Managing Director Chief Executive Officer/President
Spencer Leong Chee Wah
General Manager Gurbanov Elshan Keppel LeTourneau USA, Inc
Chief Financial Officer Dr Lee Chay Hoon
Senior Vice President
Keppel Offshore & Marine USA, Inc
Caspian Shipyard Company, LLC Keppel LeTourneau Middle East FZE
Lai Ching Chuan Mohsen Mohamed Mahmoud Abdelalim
President Lau Kuat Pin General Manager
Chief Executive Officer
Tommy Sam Yuin Sing
Vice President
Keppel Nantong Shipyard Co. Ltd
Cheung Tak On Keppel Nantong Heavy Industry Co. Ltd
Vice President
Technology Edmund Lek Hwee Chong
President
Keppel AmFELS, LLC Wong Phuay Cheng
Vice President
Simon Lee Kim Foong Operations
President
David Lim Kok Hwee
Eric Phua Hwan Khoon Vice President
Vice President Finance
Commercial
Li Gang
Dennis Tan Boon Wei Vice President
Vice President Commercial
Finance
26 Keppel Offshore & Marine Ltd Report to Stakeholders 2016Engineering/ Technology Centres Representative Offices
Keppel Offshore & Marine Technology Marine Technology Development Pte Ltd Keppel Marine Agencies International, LLC
Centre Pte Ltd
Aziz Amirali Hasham Merchant Michael Holcomb
Michael Chia Hock Chye Executive Director President/Director
Managing Director
Anis Altaf Hussain Keppel Prince Engineering Pty Ltd
Aziz Amirali Hasham Merchant General Manager
Executive Director Charles Chiam Toon Thong
Director
Dr Foo Kok Seng Blue Ocean Solutions Pte Ltd
Executive Director
Shallow Water Technology Dr Jerry Ng Kok Loon
Chief Executive Officer
Charles Sim Paik Huat Marine Services
Technical and Projects Director
Gas Technology and Offshore Production Bennett Offshore, LLC
Asian Lift Pte Ltd
Anis Altaf Hussain Marc Wong
Programme Director President John Chua Bee Hin
Deepwater Technology General Manager
Dr Matthew Quah Chin Kau Keppel FloaTEC, LLC Keppel Smit Towage Pte Ltd
Senior Programme Manager
Offshore Structures and Analysis
Tapan K.Das Pieter Van Stein
President Managing Director
Offshore Technology Development Pte Ltd Jerry Wong Yoke Min
Keppel FELS Baltech Ltd General Manager
Dr Foo Kok Seng
Executive Director Lyudmil Stoev Keppel Sea Scan Pte Ltd
General Manager
Lim Ah Cheng Gui Eng Hwee
General Manager General Manager
Keppel FELS Engineering Shenzhen Co. Ltd
Dr Matthew Quah Chin Kau
General Manager
Design
Tan Leong Peng
Director Employee Unions
Deepwater Technology Group Pte Ltd Keppel Employees Union
Keppel FELS Engineering Wuhan Co. Ltd
Aziz Amirali Hasham Merchant Razali Bin Maulod
Tan Leong Peng
Executive Director President
Director
Atan Enjah
Gas Technology Development Pte Ltd General Secretary
Keppel Offshore & Marine Engineering
Services Mumbai Pte Ltd
Charles Sim Paik Huat Keppel FELS Employees Union
General Manager
Tan Leong Peng
Director Vincent Ho Mun Choong
President
Atyyah Binte Hassan
General Secretary
David Lim Kin Wai
Executive Secretary
Shipbuilding & Marine Engineering
Employees’ Union
Tommy Goh Hock Wah
President
Eileen Yeo Chor Gek
General Secretary
NTUC Central Committee Member
Mah Cheong Fatt
Executive Secretary
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