Keppel O&M unveils new S$150 million technology centre on 5th anniversary
03-December-2007
Igniting the future – Guest-of-Honour, Mr George Yeo, Minister for Foreign Affairs together with Keppel’s senior management launch the Keppel Offshore & Marine Technology Centre, an initiative that will boost the Keppel O&M’s R&D edge and provide a quantum leap in technology and returns for the Company.
From left: Mr Tong Chong Heong, MD & COO of Keppel O&M; Mr Choo Chiau Beng Chairman & CEO of Keppel O&M; Mr Lim Chee Onn, Executive Chairman of Keppel Corporation and Mr George Yeo.
Marking its 5th anniversary since the integration of Keppel’s shipyards under the Keppel O&M banner, Mr Choo Chiau Beng, Chairman & CEO of Keppel O&M presents the commemorative book, More than Mettle, to Guest-of-Honour, Mr George Yeo, Minister for Foreign Affairs.
The Company also launches a book on its people and strategies through good and bad times to emerge bigger and stronger
Keppel Offshore & Marine Limited (Keppel O&M), a wholly owned subsidiary of Keppel Corporation Limited, celebrated its fifth year with a strong net orderbook of over S$13 billion, including above S$7 billion of new contracts secured year-to-date.
The company was established in 2002 following the restructuring and integration of the offshore and marine businesses of Keppel Corporation.
Focused on technology innovation to provide viable and cost effective solutions for its customers, Keppel O&M’s proprietary technologies have generated contracts worth some S$15 billion over the years, including current projects under construction.
The Company’s revenue has grown some 300% from S$1.9 billion in 2002 to $5.7 billion in 2006, and is expected to be higher this year. Its return on equity has improved from around 20% in 2002 to 50% in 2006.
KOMtech to spearhead quantum leap in technology development
The Company has officially launched Keppel Offshore & Marine Technology Centre (KOMtech) to boost its R&D edge and position itself for long term growth. Keppel O&M will inject seed money of S$150 million to fuel the Centre’s activities over a 5-year period with additional support from the Economic Development Board.
“KOMtech is an extension and strengthening of current R&D initiatives undertaken by our technology units - Offshore Technology Development, Deepwater Technology Group and Marine Technology Group respectively. It will also work closely with our industry partners to conceive effective solutions for the market,” said Mr Choo Chiau Beng, Chairman & CEO of Keppel O&M. “In the long run, KOMtech’s deliverables will sustain our market leadership, and provide the quantum leap in technology and returns for the Company.”
KOMtech’s scope will include managing, stimulating and carry outing R&D, product development, technology foresight, shipyard process improvement and knowledge building activities within the Keppel O&M Group.
Headed by industry veteran, Mr Charles Foo, Keppel O&M’s Managing Director (Special Projects), KOMtech is staffed by a talent pool of 30 highly competent professionals. The Centre is expected to increase headcount to about 100 in the near future. Prominent researchers and leading industry specialists will also be engaged as Fellows to provide in-depth knowledge in specific fields.
The above is not expected to have any material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.
Strategy book launched to inspire Keppelites to take the Company into the future
A commemorative book entitled, More than Mettle, the Keppel Offshore & Marine Story, was also launched in conjunction with the Company’s 5th anniversary celebrations.
More than Mettle is a story of survival and resilience. It tells of Keppel O&M’s rapid growth in just five years to become a world leader in the key segments of the offshore and marine industry - rigbuilding; ship repair and conversion and the construction of specialised offshore support vessels.
The book relates how the CAN DO! Spirit and the strong bond and team work of its people enabled Keppel O&M and its predecessor companies overcome tremendous challenges – including a prolonged market slump that forced the closure of the majority of the world’s rigbuilding yards.
The book also shows how, in a spirit of enterprise, a Singapore company has ventured into hitherto unfamiliar territories, such as the North Sea, the Caspian Sea, the Arabian Gulf, and Brazil, to be close to its markets and customers.
“This is a publication to mark our 5th anniversary, and a tribute to the Keppel O&M family in Singapore and across the world who have soldiered on with us through the ups and downs. It is our hope that the book will inspire our people to take the Company into the future,” said Mr Choo.
The Keppel O&M story offers lessons in practicable, sustainable corporate strategy, and in the management of both adversity and success. It demonstrates the importance of perseverance and the refusal to give up; of managing risk and of establishing a track record of project delivery ahead of time, within budget and without incidents. It shows above all how Keppel O&M has stayed focused on its mission, to be the solution provider of choice for its customers.
More than Mettle is authored by Mano Sabnani and published by Editions Didier Millet. It will be available on sale in the near future.
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