keppelite february 2013 issue - tj giavridis marine services co. ltd.

Sustaining Growth 15not take on projects thatdo not create value for ourstakeholders.On the progress of the firstSete Brasil semisubmersible,we have already struck steeland started fabrication inBrazil, Singapore and thePhilippines. We will startrevenue recognition whenwe reach 20% physicalconstruction.In view of the competitionand cost, the long-terms u s t a i n a b l e o p e r a t i n gprofit margins guidanceof 10% to 12% is quitereasonable. Nonetheless,we are continuously strivingto improve margins withincreased efficiency andenhanced productivity.ON INFRASTRUCTURELCH: We have made furtherprovisions for both the DohaNorth Sewage TreatmentWorks and the DomesticSolid Waste ManagementCentre in Qatar, as wellas the Greater ManchesterEnergy from Waste projectsin the fourth quarter of2012. We do not usuallydisclose the total amount ofprovisions made.Phase One of Doha NorthSewage Treatment Works isexpected to be completedlater in 2013 and PhaseTwo in 2014. Phase Oneof the Greater ManchesterEnergy from Waste projectis expected to be completedin 2013 and Phase Two thefollowing year.TCH: We think that sufficientprovisions have been madefor the environmentalengineering projects.ON ACQUISITIONOPPORTUNITIESCCB: We are focused ingrowing our core strengthsor in areas which we havecapabilities. We will alsoventure into adjacencieswhich are very attractive.keppeliteCCB – Mr Choo Chiau Beng,CEO of Keppel CorporationTSH – Mr Teo Soon Hoe,Senior ED of KeppelCorporationTCH – Mr Tong Chong Heong,Senior ED of KeppelCorporation, CEO of KeppelOffshore & Marine, Chairmanof Keppel IntegratedEngineeringLCH – Mr Loh Chin Hua,CFO of Keppel CorporationContinues on page 16...Work has begun for the first of six Sete Brasil’s DSS 38E semisubmersibles, based on enhancement of Keppel’s proven proprietary designKeppelite I February 2013