Keppel says in deal to convert up to 3 LNG vessels for GLNG

11/5/2012

Keppel says in deal to convert up to three LNG vessels for GLNG

BY CHUN HAN WONG

SINGAPORE -- Keppel, the world's largest rig builder by volume, said it may convert up to three LNG vessels into floating LNG vessels for GLNG.

Keppel has entered a term sheet agreement with Golar that requires Keppel to conduct an initial study before commencing conversion work on the first vessel, the Singapore based company said in a statement. Golar will have an option to convert two more vessels later.

Keppel said it will make an announcement once it has signed a firm contract with Golar. It didn't state the deal's potential value.

Singapore's Business Times newspaper reported Saturday that the deal could be worth $600 million, without citing sources.

In a separate statement last week, Golar said conversion work on the first vessel could start mid 2013, with completion scheduled for the first quarter of 2015.

Dow Jones Newswires

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