Keppel reveals price of dredger contracts with Van Oord: $212m

It answered a query from the Singapore Exchange to disclose transaction details.

Keppel Corporation (Keppel) said that Keppel Singmarine’s contracts with Van Oord to build two high-specification dual-fuel powered Trailing Suction Hopper Dredgers (TSHDs) are valued at $212m.

This followed the Singapore Exchange’s (SGX) query on the value of the contacts and the option. Keppel previously did not disclose the financial details of the transaction in its first announcement.

Keppel added that Van Oord has been offered an option to order a third dredger of similar specifications to the first two.

“The price of the option vessel will be subject to adjustments and would only be finalized and determined at the relevant time if and when the option is exercised,” the company added.

The dredgers will each have a hopper capacity of 10,500 cubic meters. They will be equipped with dual-fuel systems capable of running on liquefied natural gas (LNG).

The two dredgers are expected to be completed in Q4 2020 and Q2 2021 respectively.