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

8 Sustaining Growth...continued from page 7.and filled with uncertaintiesand potential risks. However,in navigating such anenvironment, there will alsobe ripe opportunities foracquisitions.This year, Keppel Corporationcelebrates 45 years of growth.We have laid firm foundationsthat have allowed us todeliver creditable resultsyear on year, as well asemerge stronger throughevery challenge. Against thestrong headwinds, we willremain resilient and agile,as we have been over fourdecades.SHAPING THE FUTUREOffshore & MarineStaying focused on nichesegments of the offshoreand marine industry hasallowed us to pursue ourNear Market, Near Customerstrategy, and define our edgein areas where we choose tocompete.Our core strengths – aglobal network of 20 yards,robust technology andexecution competencies –have propelled the Group’sgrowth in the last decade,as we continue to reapthe rewards of ourinvestments.For the whole of 2012,Keppel Offshore & Marine(Keppel O&M) secured$10 billion in contractsfrom customers acrossBrazil, the Caspian Sea andMexico. This brings our netorderbook to $12.8 billionas at end-December 2012,with visibility into 2019. In2013, we will be completinga record of 22 newbuildunits, which we aim to deliveron time, on budget andsafely to our customers.T h e w o r l d ’s s w e l l i n gdemand for energy continuesto drive Exploration &Production (E&P) into newfrontiers which are deeperand harsher. Political pressurehas also nudged governmentsof emerging countries toquickly exploit their own oiland gas resources.Stable Brent crude pricesof above US$100 perbarrel continue to supportindustry capital expenditurefor sizeable discoveries inthe Gulf of Mexico, theNorth Sea, Brazil andAfrica. Scaling new frontiersrequires highly advancedsolutions; therefore, weexpect global E&P spendingto rise further.Meanwhile, keen rivalryfrom Chinese and Koreanyards have suppressedp r i c e s a n d s q u e e z e dmargins on newbuilds. AtKeppel, we will continue todistance ourselves from thecompetition. We will secureour stronghold in both keyand emerging oil and gasmarkets, as well as furtherimprove the productivity ofall our yards.Our Asian network of yardsacross the Philippines,Indonesia and China hasbeen assisting the Singaporeyards with offshore work.I am happy that some ofthem have garnered theconfidence of internationalThe BrasFELS yard in Brazil bolsters the Group’s Near Market, Near Customer strategyKeppelite I February 2013