Triple Naming of Ice-Class Vessels · Golden Jubilee 35 Bolstering Brazilian ties 36 ... Keppelite I September 2015 Editorial An eye on the future Election fever gripped Singapore

Triple Naming ofIce-Class Vessels

MCI (P) 133/02/2015

SEPTEMBER 2015www.kepcorp.com/ekeppelite

The sum of

our parts 8

Strides in

sustainability 20

The competition

heats up 27

Keppelite I September 2015

6 36

Contents

CO REG NO: 196800351N

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Cover image: Keppel Singmarine held a triple naming ceremony for Bumi Uray, Bumi Pokachi and Bumi Naryan-Mar on 10 September 2015.

Published for people in the Keppel Group by the Group Corporate Communications Division, Keppel Corporation Limited, 1 HarbourFront Ave, #18-01 Keppel Bay Tower, Singapore 098632. Printed by Image Printers Pte Ltd, Blk 1002, Redhill Industrial Estate, Jalan Bukit Merah, #03-12, Singapore 159456.

Editorial AdvisorHo Tong Yen

EditorFrances Teh

Editorial CommitteeAng Lai Lee, Brian Higgs, Candice Low, Carol Huang, Cheryl Goh, Chew Chong Peng, Chua Sian Howe, Donald Sng, Eileen Tan, Elizabeth Widjaja, Gabriela Hott Soares, Grace Chia, Hayley Teo, Hoo Yao Lin, Ivana Chua, Kevin Ho, Jayne Yeo, Lee Wan Jun, Marianne Goh, Mia Liu, Priscilla Chong, Razali Maulod, Ricky Ling, Roy Tan, Say Huan Yuan, Serena Toh, Song Jia Jia, Sue Ann Huang, Tang Yi Bing, Teri Liew, Tracy Pham, Woon Pek Yong, Yolanda Guo

SUSTAINING GROWTHSafe and early delivery 4

Triple naming for ice-class vessels 5

Gaining strategic control 6

Commencing collaboration 7

World’s deepest FPSO

The sum of our parts 8

Launched for Caspian 11

Trusted partner

Strengthening ties 12

Promoting diversity

Strategic review 13

Way forward in a challenging market 14

Myanmar outlook

Reaching out to river ports 15

Successful repair

Fruitful visit 16

Safety bonus

Engaging investors 17

Fostering stakeholder ties 18

Spurring safety excellence 19

SPECIAL FOCUSStrides in sustainability 20

Spurring InnovationsGreen energy 24

EMPOWERING LIVESA warm welcome 25

Sharing insights 26

Robust internal controls

The competition heats up 27

Words of wisdom 30

Keppelites Around the WorldComing full circle in Wuxi 31

Rigorous training 32

Night of nostalgia 33

NURTURING COMMUNITIESArts advocate 34

Supporting relief and rescue efforts

Golden Jubilee 35

Bolstering Brazilian ties 36

Day of celebration 37

Teaching it forward 38

Golf for a good cause

Keppel VolunteersOver the moon 39

BACK PAGEStrategic acquisition 40

Keppelite I September 2015Keppelite I September 2015

EditorialAn eye on the future

Election fever gripped Singapore in early

September, and spurred enthusiastic chatter

among Keppelites on the different political parties,

candidates and their proposed policies.

A theme that emerged periodically in the election

campaign was sustainability, with the ruling party

and opposition debating the need to carefully

manage long-range population and infrastructure

policies, as well as welfare and social spending.

Sustainability is also central to Keppel. We

embrace sustainability on both the strategic and

operational levels.

At a recent gathering with analysts, Keppel

Corporation CEO Mr Loh Chin Hua highlighted

sustainable urbanisation as a common thread

that cuts across Keppel’s businesses. He shared

that urban populations are growing at an

unprecedented pace around the world, and with

businesses in Offshore & Marine, Property and

Infrastructure, Keppel would contribute towards

building sustainable communities by providing

viable solutions and services to meet growing

demands for energy, homes, a clean environment

and connectivity.

Mr Loh also underscored his confidence that

Keppel, backed by its multi-business strategy, will

continue to thrive even though we face headwinds

in the market for drilling rigs (see story on pages

8 to 10).

Affirming its commitment to sustainability,

Keppel Corporation was recently listed as an

index component of the Dow Jones Sustainability

Indices Asia Pacific Index for the third consecutive

year. The indices measure the performance of the

world’s sustainability leaders. Keppel was selected

as an index component following a comprehensive

review of long-term economic, environmental and

social criteria (see story on pages 20 to 23).

To continue thriving over the long haul, we drive

our businesses with an unwavering focus on

strong corporate governance and prudent risk

management, and make great efforts to operate

our businesses safely and in an environmentally-

benign manner. As an employer, we adopt

progressive, non-discriminatory and meritocratic

human resources policies that are focused on our

employees’ well-being, and as a global leader in

the offshore and marine industry, we continue

to strengthen our R&D capabilities and seek

opportunities to collaborate with trend-setting

customers. Our commitment to sustainability

extends to the communities that we operate in,

and we strive to be assets to our communities and

bring benefits to all our stakeholders.

Keppel aims to do good as we do well. Keppelites

who care for the future while embracing the

present will put Keppel in good stead to continue

our success in the years to come.

4 Sustaining Growth


4 Sustaining Growth

Safe and early deliveryKeppel FELS has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG). It was completed 32 days ahead of schedule, on budget and with a perfect safety record.

This is the third KFELS B Class jackup rig that Keppel FELS has delivered to UMW-OG.

The f irst jackup, UMW Naga 4, was delivered in February 2013 and is currently servicing the contract of Petronas Carigali in Malaysia, while the second, UMW

Naga 5, was delivered in April 2014 and is currently working in Vietnam.

At a delivery ceremony held at the yard on 29 August 2015 , Mr Chr i s Ong , Deputy MD of Keppel FELS, said, “The safe and early completion of a third rig for UMW-OG bears testimony to the win-win partnership between our companies. We are glad to be able to support UMW-OG, having built three jackup rigs to our proprietary KFELS B Class design.

“This design is the industry

choice for robust, efficient and economical performance and i t has helped our customers to secure charters even in the current low oil price environment. All the KFELS B Class rigs we have delivered around the world this year are gainfully employed and performing well, and we are confident that UMW Naga 8 will be a valuable asset to UMW-OG.”

UMW Naga 8 is the 7th

consecutive rig Keppel FELS has delivered this year within contract schedule, on time and on budget. The yard is

also on track to complete 15 rigs in 2015 as contractually scheduled, making it the second highest number of deliveries in a year following its record delivery of 21 rigs in 2013.

Besides being the global leader in the design and construction of offshore rigs, Keppel FELS is also sought after for repair and modifications projects. UMW Naga 3 is currently docked in Keppel FELS for its five-yearly special periodic survey, as well as for maintenance and repair works. keppelite

Celebrating the strong partnership between UMW Oil & Gas Corporation Berhad and Keppel FELS are Mr Yg Berbahagia Tan Sri Asmat Kamaludin (seated), Chairman of UMW-OG, and Mr Chris Ong (second from left), Deputy MD, Keppel FELS, as well as key members of the project team


Sustaining Growth 5

Triple naming for ice-class vessels

Specia l ised shipbui lder Keppel Singmarine has successfully delivered three ice-class vessels to Bumi Armada Offshore Holdings, a subsidiary of Bumi Armada Berhad (Bumi Armada), on schedule and with a perfect safety record in September 2015.

The two supply vessels and one multi-purpose duty-rescue vessel were named Bumi Uray, Bumi Pokachi and Bumi Naryan-Mar respectively at a ceremony held at Keppel Singmarine on 10 September 2015.

These vessels will support o ff shore p la t fo rms a t the Filanovsky oil field in the northern part of the Caspian Sea, off the coast of Russia, providing year-round services such as the delivery of cargoes, salvage, search and rescue

funct ions, f i re-f ight ing operations, and towing a n d t a n k e r m o o r i n g operations.

Mr Michae l Ch ia , MD (Marine & Technology), Keppel Offshore & Marine (Keppel O&M), said, “We are pleased to once again support Bumi Armada with three highly sophisticated vessels. We were able to leverage our expertise in ice-class technology and in-depth knowledge of the Caspian region to customise these three high specification ice-class vessels to suit their needs. We are confident that they will be a success in the harsh environments of the Caspian Sea.

“With the completion of the vessels, Keppel Singmarine has delivered a total of 10 ice-class vessels, helping us

to further strengthen our position in the specialised m a r k e t o f i c e - c l a s s vessels.

“ In bui ld ing them, we were able to maximise resources and increase efficiencies by harnessing the synergy of Keppel’s network of yards. The two supply vessels were built at Keppel Nantong in China while the multi-purpose vessel was constructed in Keppel Singmarine’s yard in Singapore.”

Mr Chan Chee Beng, ED and acting CEO of Bumi Armada, said, “Bumi Uray and Bumi Pokachi are the first Bumi Armada vessels t o be cons t ruc t ed i n Keppel’s shipyard in China, representing the growth of a long and successful p a r t n e r s h i p b e t w e e n Bumi Armada and Keppel.

We would like to thank Keppel for delivering the vessels safely and on time.”

The ice-class supply vessels and the mult i -purpose duty rescue vessel are built to the MTD 8060-TS and MTD 8060-RV des igns respectively, which were developed by Keppel O&M’s ship design and development arm, Marine Technology Development.

Keppel Singmarine was the first company in Asia to build icebreakers when it won a contract from LUKOIL-Kaliningradmorneft in 2006 to build two such units. Apart from the three vessels for Bumi Armada, Keppel Singmarine is currently also constructing another ice-class multi-purpose vessel of its proprietary design for Maritime Construction Services SA. keppelite

The management and directors of Bumi Armada, Lukoil and Keppel O&M reaffirming their strong ties at the naming ceremony of Bumi Uray, Bumi Pokachi and Bumi Naryan-Mar

6 Sustaining Growth


Gaining strategic controlKeppel REIT Management announced on 6 September 2015 that through Keppel REIT (Australia) Trust, it has contracted with Cerberos Pty Ltd to acquire the three remaining prime retail street-fronting units at 8 Exhibition S t ree t i n Me lbou r ne , Australia. The acquisition price for the three units is A$8.6 million (approximately $8.6 million1). Keppe l RE IT cu r rent l y owns a 50% stake in the 8 Exhibition Street office development and two retail units. The addition of the three remaining retail units will provide Keppel REIT strategic control over the 35-storey freehold office building and all five retail units at 8 Exhibition Street.

E n j o y i n g p r o m i n e n t frontages along the main thoroughfares of Flinders Street and Exhibition Street, the three retail units of approximately 5,500 sf are part of the historic Herald and Weekly Times building, which also includes the 8 Exhibition Street office development.

The retail units are currently 100% leased to two popular and established F&B outlets for 10 years with options for another 30 years. Tenants of the office block include multinational corporations such as Ernst & Young, UBS

and the National Australia Bank.

Ms Ng Hsueh Ling, CEO of Keppel REIT Management, sa id , “The acquis i t ion presents a rare opportunity for Keppel REIT to gain strategic control of the office and retail components in a freehold landmark in the heart of Melbourne’s central business district.

“The three commercial retail units have a 10-year lease with opt ions for another 30 years. There are also fixed annual rental esca lat ions which wi l l provide Unitholders with long-term income stability and resilience.”

The DPU accretive acquisition is expected to be completed in 4Q 2015. I t wi l l be funded with a combination of working capital and Australian-dollar debt to provide natural hedging, and at least 90% of the distributable income will be hedged. keppelite

1 Based on the exchange rate of A$1=S$1, as at 31 August 2015.

With the acquisition of the three remaining prime street frontage retail units at 8 Exhibition Street in Melbourne, Keppel REIT has gained strategic control of both the office and retail components

The three commercial retail units have a 10-year lease with options for another 30 years. There are also fixed annual rental escalations which will provide Unitholders with long-term income stability and resilience.Ms Ng Hsueh LingCEO Keppel REIT Management


Sustaining Growth 7

Commencing collaboration

World’s deepest FPSOKeppel Shipyard celebrated the naming of the Floating P roduc t ion S to rage & Offloading (FPSO) vessel, Turritella, that it is building fo r SBM Off sho re on 29 August 2015. The shipyard is on track to deliver the FPSO in 3Q 2015.

The FPSO will be chartered by Shell in the US Gulf of Mexico for Shell’s Stones u l t ra -deepwater f i e ld . When operational, Turritella will be the deepest FPSO deployment in the world, operating at a water depth of 9,500 feet.

Keppel Shipyard’s scope of work for the complex project

included refurbishment and life extension works, upgrading of living quarters, fabrication and installation of

Celebrating the naming of FPSO Turritella are (first row from L-R): Mr Philippe Barril, COO, SBM Offshore; Mrs Maria Pena, Stones Business Opportunity Manager, Shell; Ms Goh Swee Chen, Chairperson, Shell Singapore; Mr Loh Chin Hua, CEO, Keppel Corporation and Chairman, Keppel O&M; and Mr Chow Yew Yuen, CEO, Keppel O&M

Keppel Corporation has s igned a Memorandum of Understanding (MOU) with Korea Investment Corporation to jointly seek investment deals in the areas of offshore and marine, infrastructure and real estate.

The agreement was signed by Mr Loh Chin Hua, CEO of Keppel Corporation, and Mr Hongchul (Hank) Ahn, Chairman and CEO of Korea Investment Corporation, on 18 September 2015. The MOU will provide a platform

for both parties to seek out and develop opportunities for mutual cooperation, as well as foster exchange of expertise and know-how.

Under the invitation of Korea Investment Corporation, Keppel Corporation is also a founding member of Co-investment Roundtable of Sovereign and Pension Funds (CROSAPF), which provides opportunities for further collaborations with other sovereign and pension funds worldwide. keppelite

Mr Loh Chin Hua (left), CEO of Keppel Corporation, and Mr Hongchul (Hank) Ahn (right), Chairman and CEO of Korea Investment Corporation, at the signing of the Memorandum of Understanding on 18 September 2015

the internal disconnectable buoyant turret mooring system, turret and topside module supports as well

as the instal lat ion and integrat ion of tops ide modules. keppelite

8 Sustaining Growth


The sum of our partsAt a recent gathering with analysts, Mr Loh Chin Hua, CEO of Keppel Corporation, discussed how the Group is uniquely positioned to harness synergies and create value through its multi-business strategy.

“What we are looking for is 1+1+1 equals 5 or 7, instead of just 3,” said Mr Loh Chin Hua, CEO of Keppel Corporation.

C a l l i n g a t t e n t i o n t o sustainable urbanisation as the common thread across Keppel’s businesses, he said, “Our Offshore & Marine, Property, Infrastructure and Investments divisions provide viable solutions and services to meet people’s needs for energy, a clean urban environment, urban living and connectivity.”

“With the privatisation of Keppel Land, we have simplified our corporate structure,” Mr Loh added. “Keppel Corporation is the main listed company, and we have a number of associate companies, namely Keppel REIT, Keppel DC REIT and Keppel Infrastructure Trust, which are very important in our eco-system for capital recycling.”

Mr Loh shared that the asset heavy businesses, namely Property and Infrastructure, would focus on generating higher returns on their capital employed to bring in profits. At the same time, the Offshore & Marine division, which employs relatively

Mr Loh Chin Hua, CEO of Keppel Corporation, expounds on the Company’s multi-business strategy for growth

fewer resources to produce its topline, would focus on creating good margins.

CREATING VALUETrading projects, which include building homes for sale, as well as constructing and converting rigs and ships, have been a significant pa r t o f Keppe l ’s co re businesses and would remain so. Another increasingly important aspect, Mr Loh shared, is the development of specialised assets that can

generate stable cash flows for the Group over a period of time.

“We have the ability to create good assets across our business lines, either from green or brown fields,” Mr Loh said, underscoring Keppel’s key strengths in engineering and project management. “These would range from office buildings to data centres and power and waste-to-energy (WTE) plants, as well as midstream

assets like FPSO and FLNG vessels for long term charters of 10 to 20 years.”

What sets Keppel apart f rom other deve lopers i s i t s o p e r a t i o n s a n d maintenance expert i se , which complements the Group’s ability to create quality assets.

“When we bid for new pro jec t s , such as WTE plants, it is not just about delivering the plant but also


Sustaining Growth 9

how well we can operate them. Operat ions and maintenance services are an important differentiator for Keppel, and they also create streams of recurring income for us,” he said.

But the Group does not have to rely solely on its own financial strengths to seize these opportunities, Mr Loh stressed. “We have created some private real estate funds under Alpha

Continues on page 10...

Investment Partners. Many of their investors, including sovereign and pension wealth funds, also want to own offshore and marine, infrastructure and data centre assets.

“These assets are harder to get into compared to office buildings. The funds appreciate a partner like Keppel who is not only able to create good assets but also manage them, and who

is prepared to put in part of the balance sheet to align interests with investors.

“There are a lot of industry knowledge and relationships residing with our business units that can be brought to bear in this respect.”

Another critical factor in Keppel’s value creation story is a disciplined approach to pruning and monetising mature assets for higher

returns. “In our business model, we want to capture value every step of the way, from the time we create the asset till even after we inject it into a REIT or trust that we manage. Once these assets have been stabilised and de-risked, it is important to recycle them.

“Of course we can sell these assets in the open market at the right time but we would prefer to i n j e c t t h e m i n t o o u r own vehicles,” he said, highlighting the symbiotic relationships Keppel Land, Keppel T&T and Keppel Infrastructure share with their sponsored real estate and business trusts.

“There will also be a lot of fees that we can continue to earn along the way, such as for asset management, operations and maintenance, and facilities and property management. All of these add to the bottom line in a sustainable way,” said Mr Loh, emphasising the importance of all sources of profit, including revaluations and divestments.

“The ability to improve the quality of our earnings with more recurring income will help us fund our dividends and our capital spending.” Mr Loh added that for the first half of 2015, recurring income represented about 22% of the Group’s net profit.

In our business model, we want to capture value every step of the way, from the time we create the asset till even after we inject it into a REIT or trust that we manage.

10 Sustaining Growth


“We will still need strong verticals for creating assets that we can inject into REITs and trusts. Our business model requires that we continue to build strong businesses and verticals, which are at the forefront of their industries,” he said.

BUNDLING STRENGTHSK e p p e l C o r p o r a t i o n ’s flexibility in allocating capital and resources across business units and investments puts the Company in a prime position to seize growth opportunities as well as harness synergies within and across its business divisions.

Citing Keppel O&M’s ability to assign projects across its subsidiaries to cope with its workload, Mr Loh said, “When Keppel FELS had a lot of newbuilds, it was able to use Keppel Singmarine’s facilities for some of the jackup rig construction.

“Even though orders for jackups have dried up for now, Keppel Singmarine is seeing good demand for non-drilling assets such as subsea and pipelay vessels. As some of these assets are quite large, Keppel Singmarine can now tap Keppel FELS’ facilities and capabilities to build in larger blocks.”

W h i l e i t i s m o r e challenging to integrate across the verticals, Mr Loh also points to the opportunities. “Some of our neighbouring

countries like Indonesia are enacting laws to keep their local data in-country. Should Keppel T&T be keen to build data centres in Indonesia, it doesn’t have to do so all by itself. Keppel Land has been operating in Indonesia for 20 years and has the ability to assemble sites and get the planning approvals.”

“Moreover, some of these potential data centre sites could be situated outside the main city area, where access to power could be limited. We may have to put in a gas-to-power plant or district cooling facilities, and that’s when we can pull in our other businesses,” he shared, highlighting the Sino-Singapore Tianjin E c o - C i t y a s a n o t h e r showcase of collaboration between Keppel’s various business arms.

“Once we are able to put in shared services, there will be cross-synergies and cost savings. We will also be able to improve on our controls and processes to be the best in class,” he added.

Further afield, Mr Loh sees opportunities for Keppel’s diverse units to link up and participate along critical

value chains such as in gas. “KrisEnergy, for instance, has offshore stranded gas fields, for which Keppel O&M can possibly provide solutions. The gas that is produced can then be taken by Keppel Infrastructure for its gas business, to fuel the power plant or for retailing through City Gas,” he illustrated, adding the caveat that all solutions proposed must make sense to the parties involved.

“Only 3% to 5% of last year’s net profit came from the buying and selling from one another within the Group. There is a lot of potential there for us. In time to come, we believe that we can do better,” he said.

THRIVING ON MULTIPLE BUSINESSESNot overlooking the present headwinds, Mr Loh asserted his confidence that Keppel, backed by its multi-business strategy, will continue to thrive. “Conglomerates tend to perform the best through crises because of their access to capital and their ability to invest when times are tough.

“Our results this year would have been worse if we were a

...continued from page 9.

pure-play, or single business company. In the first half of this year, Offshore & Marine’s net profit dropped by 25% but at the Group level, we had performed comparably wel l year-on-year with Property, Infrastructure and Investments chipping in.

“Of cour se , we want our engines firing on all cylinders. But even when we go through turbulence and one of the engines slows down, the other engines would be able to pick up the pace.

“Over the past 47 years, we have shown our capability in navigating cycles and finding good opportunities. This time it will be no different,” he said. keppelite

Of course, we want our engines firing on all cylinders. But even when we go through turbulence and one of the engines slows down, the other engines would be able to pick up the pace.


Sustaining Growth 11

Launched for CaspianK e p p e l S i n g m a r i n e c e l e b r a t e d a p ro j e c t milestone on 26 August 2015 when it launched the hull of a Subsea Construction Vessel (SCV) that it fabricated for Baku Shipyard, Keppel Offshore & Marine’s shipyard in Azerbaijan.

The hull was then shipped t o Baku Sh i p ya rd on 14 September 2015 for integrat ion with other components fabr icated there.

The hull was built and shipped in two longitudinal

hull strips so that it could pass through the Volga-Don Canal which provides the most direct passage into the land-locked Caspian Sea where Baku Shipyard is located.

Trusted partnerRepair and modification works for the KFELS Super B Class rig Hakuryu-11 were completed on time and with a perfect safety record on 10 September 2015, after

docking in Keppel FELS for 38 days.

To ensure that the rig was kept in tip-top condition, a pe r iod i c su r vey, an

Underwater Inspection in Lieu of Dry Docking (UWILD), was also conducted.

Andrew Ong, Assistant Project Manager, Keppel

FELS , sa id , “The sa fe and t imely de l ivery of Hakuryu-11 bears testimony to the exceptional teamwork between Japan Dri l l ing Company (JDC) and Keppel FELS. Having worked with JDC on several projects over the years, we have gained their trust and built a strong partnership.”

Keppe l FELS de l i vered Hakuryu-11 to JDC in May 2013. The two companies also collaborated on the upgrade and modification of the semisubmersible drilling rig Hakuryu-5 in 2014 and the jackup rig Hakuryu-10 in 2012. keppelite

Management and project teams from BP, Baku Shipyard, Keppel Singmarine and surveyor, DNV GL, celebrating the successful launch of the hull strips of the Subsea Construction Vessel

The SCV is a project that Baku Shipyard secured from BP Exploration (Shah Deniz) Ltd, the operator of the Shah Deniz gas field development in the Azerbaijan sector of the Caspian Sea.

Other than the fabrication of the hull strips, Keppel Singmarine’s work scope includes the design of the vessel and outfitting the hull with equipment and systems. keppelite

Mr Toshiki Abe (fourth from right), GM, Technical Maintenance Department, Japan Drilling Company, presenting a token of appreciation to Mr Loe Hauw Sheong (third from right), Assistant GM, Operations, Keppel FELS, for the safe and timely delivery of Hakuryu-11



Strengthening tiesKeppel Corporation’s senior management hosted a welcome dinner for the new Ambassador of China to Singapore, His Excellency Chen Xiaodong, at Marina at Keppel Bay on 7 September 2015.

Ambassador Chen, 50, is the tenth Chinese ambassador to Singapore s ince the two countries established bilateral diplomatic relations.

Accompany ing Keppe l Corporation’s Chairman Dr Lee Boon Yang in welcoming Ambassador Chen were CEO Mr Loh Chin Hua, CFO Mr Chan

Hon Chew, Director of Group Corporate Affairs Ms Wang Look Fung and GM of Group Corporate Communications Mr Ho Tong Yen.

Since the 1980s, the Keppel Group has been participatig in and contributing to China’s growth and development with its distinct blend of core competencies. The Group is privileged to lead the Singapore consortium in the development of two landmark bilateral projects between Singapore and China – the China-Singapore Suzhou Industrial Park and the Sino-Singapore Tianjin Eco-City. keppelite

Keppel Corporation Chairman Dr Lee Boon Yang (left) welcomes His Excellency Chen Xiaodong (right), Ambassador of China to Singapore, at Marina at Keppel Bay

Promoting diversityTo champion good corporate governance, listed entities of the Keppel Group, including Keppel Corporation, Keppel Te lecommunicat ions & Transportat ion, Keppel REIT, Keppel Infrastructure Trust and Keppel DC REIT, declared their support for board diversity in an initiative organised by the Singapore Institute of Directors (SID).

Separately, CFO of Keppel Corpora t ion Mr Chan Hon Chew represented the Keppel Group at the launch of the Nominating Committee Guide developed

by S ID on 28 Augus t 2015. The Nominat ing Committee Guide provides comprehensive coverage of the regulatory and practical aspects of the responsibilities, issues and challenges faced by the chairman and members of a Nominating Committee.

In her opening address at the launch, Guest-of-Honour Ms Grace Fu , Min i s te r in the P r ime Minister’s Office, Second Minister for Environment and Water Resources, and Second Minister for Foreign Affairs,

shared, “Promoting diversity on boards, be it gender, age or ethnic diversity, is not about giving certain groups preferential treatment. It is about recognising the value of diverse perspectives in the boardroom and harnessing the full potential of all talent that companies have in their fold. This is the key to sustainable, optimum leadership performance in an increasingly complex and competit ive global environment.

“Processes to nominate potential candidates for

board positions should be transparent and merit-based. These processes would enable companies to tap on the potential of all their people to optimise overall company performance.”

The Nominating Committee Guide is supported by the Accounting and Corporate Regu l a to r y Au tho r i t y, Monetary Author i ty of Singapore and Singapore Exchange, and reviewed by a panel of leading practitioners and professionals in the corporate governance field. keppelite



Strategic review“Keppelites, guided by our refreshed vision and mission statements, should continue to glean from industry best practices, adapt and make them unique to Keppel, so that we can be at the forefront of our chosen industries,” urged Mr Loh Chin Hua, CEO of Keppel Corporation and Chairman of Keppel Land, at the offsite strategy meeting for Keppel Land held on 19 August 2015 in Jakarta, Indonesia.

D u r i n g t h e m e e t i n g ,

which was attended by directors, management and key executives from Keppel Corporation and Keppe l Land , Mr Loh reiterated the importance of talent management, and encouraged business unit heads to continue to build strong local teams to take the company into the next phase of growth.

Mr Ang Wee Gee, CEO of Keppel Land, shared on the company’s strategy to deepen its presence in its core and growth markets,

grow its commercial presence overseas and actively recycle capital to maximise returns. He also emphasised that for the company to be ahead of competition, there is a need to be open-minded and innovative, and to continue building on the company’s brand philosophy of ‘Thinking Unboxed’.

The meet ing rev iewed the company’s operations in various markets, and assessed its progress over the past year. The participants also shared market outlooks

and strategies for continued growth.

In the same week, as part of efforts to align safety practices across the Group, the Board Safety Committees of Keppel Corporation and Keppel Land visited the worksite of International Financial Centre Jakarta Tower Two. The landmark commercial development in the central business district of Jakarta was topped off in a ceremony on 18 August 2015. keppelite

The Board Safety Committees of Keppel Corporation and Keppel Land recently visited the worksite of International Financial Centre Jakarta Tower Two as part of their regular worksite visits to align safety practices across the Group



Way forward in a challenging marketAt Europe’s largest oil and offshore investor conference, the Pareto conference, the mood was pred ic tab ly sombre but there was optimism for the long term outlook and short term opportunities.

Held from 2 to 3 September 2015 in Oslo, Norway, the 22nd edition of the annual conference saw presentations from major companies from the oil and gas, drilling and production, subsea and offshore support segments.

Keppel Offshore & Marine (Kepel O&M) is the only shipyard to present regularly at the conference. CEO Mr Chow Yew Yuen shared on its focus of executing well while exploring opportunities to provide solutions in areas such as the liquefied natural gas value chain, the maintenance repair and upgrading market, subsea support vessels

a n d n e x t g e n e r a t i o n drilling rigs.

The general consensus for the long term is that oil will continue to be the main energy supply to meet increasing global demand from developing countries, with oil prices expected to reach an equilibrium in a few years. In the short term, cost controls and improved efficiency are key to riding out the downturn. Most drilling operators spoke of the need to retire older rigs to rebalance the market.

Having emerged strong through several cycles of industry downturns, Keppel O&M has the experience and fores ight to se ize oppor tun i t ies through prudent acquisit ions to grow its capabilities, leverage its proprietary technology to add value and provide cost-efficient solutions for customers as well as enter niche markets. keppelite

Myanmar outlookTo e n g a g e i n ro b u s t discussion on investing in Myanmar, Keppel Land participated in the fifth E u ro m o n e y M y a n m a r Global Investment Forum organised by Euromoney Conferences and co-hosted by the Myanmar Investment Commission. Held on 15 and 16 September 2015, the event drew about 1,000 delegates, including government and business l e a d e r s , i n s t i t u t i o n a l investors and economists.

P res ident o f Reg iona l Investments at Keppel Land, Mr Ng Ooi Hooi, represented the company in the panel discussion on Myanmar’s real estate and construction industry, where he shared his views on the property

market outlook, emerging business and commercial centres in the country as well as sustainable development.

Other topics discussed during the forum included the investment outlook, future political landscape, development of the country’s tourism industry as well as real estate and urban planning.

Keppel Land currently owns and manages two hotels in Myanmar – Sedona Hotel Yangon and Sedona Hotel Mandalay. The company is also developing a 23-storey off ice tower, part of a m i x e d - u s e i n t e g r a t e d development, Junct ion C i t y , i n Y a n g o n ’ s central business district with the Shwe Taung Group. keppelite

About 1,000 delegates attended the Myanmar Global Investment Forum 2015, where Mr Ng Ooi Hooi (extreme left), President of Regional Investments at Keppel Land, participated in a panel discussion

Keppel O&M senior management, including CEO Mr Chow Yew Yuen (far right) and MD (Offshore) Mr Wong Kok Seng (second from right) interacted with partners at the annual Pareto Conference in Oslo



Reaching out to river portsF r o m 3 1 A u g u s t t o 1 September 2015, Mr Loh

Chin Hua, CEO, Keppel Corporation and Chairman,

Keppel Telecommunications & Transportation (Keppel T&T), visited Keppel’s ports in Foshan city, Guangdong province, China, where he was briefed by Mr Alen Ng, Senior GM, Keppel Logistics China.

At the dialogue sessions with staff from Lanshi and Sanshui ports , Mr Loh shared Keppel’s vision and challenged them to strive to make Keppel’s r iver ports the best in Guangzhou, and in China.

Impressed by the dedication of the employees, Mr Loh noted, “Almost al l the Keppelites I met have been with the company for 10 to 20 years. For some of them, Keppel is their first job. I can see the pride and passion they have working for Keppel T&T.”

Mr Loh a l so took the opportunity to cal l on Mr Liu Yuelun, Party Secretary of the Communist Party of China Foshan Municipal Committee. keppelite

Mr Loh Chin Hua (centre), CEO of Keppel Corporation and Chairman of Keppel Telecommunications & Transportation, was briefed by Mr Alen Ng (extreme right), Senior GM of Keppel Logistics China, during his tour of the Foshan Sanshui Port

Successful repair

The semisubmersible rig ODN Tay IV leaving BrasFELS, where it successfully underwent repair works

BrasFELS, Keppel Offshore & Marine’s shipyard in Angra dos Reis, Rio de Janeiro, Brazi l , has successful ly completed its first repair project for Odebrecht Oil & Gas, the semisubmersible drilling rig ODN Tay IV.

ODN Tay IV arrived at the shipyard on 7 July 2015 and left on 12 September 2015.

With strong execut ion capabilities, BrasFELS has completed more than 50 repair projects over the years. All its projects have been completed on time or ahead of schedule. keppelite



Fruitful visitTo l e a r n mo re abou t Singapore’s offshore and marine industry and gain a better understanding of how local companies contribute to the nation’s economy, a delegation from Tabasco, a state in southeast Mexico, visited Keppel Offshore & Marine (Keppel O&M) on 25 August 2015.

Hosted by Keppel O&M’s senior management led by CEO Mr Chow Yew Yuen, the delegation was given a presentation on Keppel O&M’s business operations and strategic directions.

Besides learning about the company’s Near Market, Near Customer strategy, the

Mr Chow Yew Yuen (extreme left), CEO, Keppel Offshore & Marine, introduced Keppel’s proprietary designs, including the KFELS Super A Class (rig model on left), a robust rig that is well-suited to operate in harsh environments, to the delegation led by Mr David Gustavo (centre in blue), Secretary of Economic Development, State of Tabasco, Mexico

delegation also toured the yard where they gleaned insights into the different

rig construction processes. keppelite

Safety bonusTo r e c o g n i s e K e p p e l Shipyard’s excellent safety performance during the repair work on the oi l product tanker, American

Progress, vessel owner SeaRiver Maritime awarded the shipyard a bonus of $50,000 on 18 August 2015.

Pau l Dawson , P ro j e c t M a n a g e r , S e a R i v e r Maritime, said, “The safety performance of Keppel Shipyard improves with each project we work on together. SeaRiver Maritime i s p l eased to pa r tne r Keppel Shipyard, which shares our commitment to safety. Congratulations to Keppel for the outstanding work on American Progress!”

Keppel Shipyard’s repair work for American Progress inc ludes hul l paint ing, installation of a new food macerator unit and new

sewage tank unit as well as roller chock modification.

Keppel Shipyard and SeaRiver Maritime have collaborated on four projects to date, including American Progress.

Over the years, Keppel Shipyard has built up its reputation as the global industry’s trusted partner for the repair and upgrading of a diverse range of vessels.

Its three yards in Singapore – Tuas, Benoi, and Gul – are able to repair and refurbish 400 to 500 vessels per year. keppelite

SeaRiver Maritime presents Keppel Shipyard with a bonus for excellence in safety during the repair of its oil product tanker, American Progress



Engaging investorsWith a global footprint spanning across industries and more than 30 countries, Keppel regularly hosts visits to its facilities as part of continuous efforts to engage the investor community.

INSIGHTS INTO LOGISTICSKeppel Logistics welcomed visitors from the private banking group Bank Julius Baer to i ts warehouse facilities at 7 Gul Circle on 20 August 2015.

The visit provided the visitors an overview of Keppel’s logistics businesses and included a robust question and answer session with Mr Desmond Boo, GM of Keppel Logistics Singapore.

The guided tour took the delegates around Keppel Logistics’ publishing and cold room warehouses as well as its Automatic Storage and Retrieval System.

Having witnessed firsthand the clockwork operations at the facilities, the visitors left impressed with Keppel Logist ics’ supply chain capabil it ies and use of p re c i s i o n t e c h n o l o g y to maximise operational productivity.

Leanne S im, Assoc iate Director, Marketing and Communications, South East Asia, Bank Julius Baer, remarked, “The tour was really insightful and you could tell that the delegates

were very curious about the logistics supply chain business by the number of questions they posed. I am glad that they had the opportunity to go on this tour.”

DATA CENTRE DIALOGUEData centres are buildings with strict access control and customer confidentiality clauses.

On 4 September 2015, Keppel DC REIT Management held its inaugural group investors’ site visit to Keppel Datahub 2, giving investors a rare glimpse into the inner workings of a data centre’s operations.

The customised facility tour

took investors to Keppel Datahub 2’s operations centre, providing a bird’s eye view of the entire data centre operations as well as a ‘mock-up’ data centre suite.

The green features of Singapore’s first newbuild BCA- IDA Green Mark Plat inum-cert i f ied data centre were also showcased, such as its Diesel Rotary Un inter rupt ib le Power Supply System and slanted condenser water p ipe des ign, which left the investors convinced of Keppel’s data centre expertise and focus on sustainability. keppelite

(Left photo) Mr Desmond Boo (left), GM, Keppel Logistics, shared on Keppel Logistics’ supply chain capabilities with Mr David Lim (right), CEO Singapore and Head Private Banking South East Asia, Bank Julius Baer. (Right photo) Keppel DC REIT hosted investors during a site visit to Keppel Datahub 2



Fostering stakeholder tiesAs an industry leader, Keppel Offshore & Marine (Keppel O&M) works closely with its subcontractors to ensure execution excellence as well as safe and timely deliveries, making a concerted effort to foster strong ties with its stakeholders.

EMPOWERING WITH KNOWLEDGE To keep stakeholders updated on the latest employment l a w s , K e p p e l F E L S Subcontractors Executive Council (KSEC) initiated a sharing session with the Minis t ry of Manpower (MOM) on 1 September 2015. Held at Keppel O&M’s Multi-Purpose Hall, the session was attended by over 160 subcontractors and Keppel FELS management.

MOM off i c ia l s gave a detailed presentation on the Employment Act, elaborating on the employment rights and obligations of employees and employers respectively. At tendees a l so l ea r n t more about the Workplace Injury Compensation Act, including its coverage and the different types of work injury compensation.

Mr Ng Joo Kheong, Chairman of KSEC, shared, “We hope that sessions like these will enable our subcontractors to better cope with issues arising from the challenging market conditions.”

OVERSEAS ENGAGEMENT K e p p e l S h i p y a r d ’ s Contractor Watch Group (CWG), formed to foster better working relations between Keppel Shipyard m a n a g e m e n t a n d i t s contractors, embarked on its first overseas engagement trip to Johor Bahru, Malaysia, on 26 July 2015.

Aimed at unit ing CWG

m e m b e r s o v e r t h e i r common love fo r the king of fruits , the day excursion included a visit to a dur ian plantat ion where management and contractors bonded over the flavourful fruit.

Participants also enjoyed a seafood feast to round up the day’s activities at Kukup, a small fishing village in the district of Pontian.

Jason Tan, Operat ions Manager f rom A lp ine Engineering Services and Chairman of CWG, said, “I am happy that everyone enjoyed themselves during this overseas engagement trip. With closer ties and a stronger team spirit, we can better execute projects on schedule and safely.” keppelite

Keppel Shipyard management bonded with contractors over a durian buffet in Johor Bahru, Malaysia

An official from the Ministry of Manpower shared about Singapore’s labour laws and the obligations of employers during the session organised by Keppel FELS Subcontractors Executive Council on 1 September 2015



Spurring safety excellence

As one of Asia’s premier property companies, Keppel Land upholds safety as a top priority and strives for a zero-harm workplace by encouraging all stakeholders to embrace safety as a personal and col lective responsibility.

On 2 September 2015, Keppe l L and ’s e i gh th Annual Consultants and Contractors Health and Safety Meeting saw about 120 Keppelites, consultants and contractors sharing best practices and recognising the efforts of project teams and contractors who have contributed significantly to safety excellence.

Three Merit and two Gold Safety Recognition Awards were conferred to the

project teams of The Glades, The Luxur i e , H igh l ine Residences, The Lakefront Residences and Corals at Keppel Bay.

In his opening remarks, Mr Loh Chin Hua, CEO of Keppel Corporat ion and Chairman of Keppel L a n d , a p p l a u d e d t h e project teams for their achievements. Reiterating the importance of vigilance and teamwork, Mr Loh stressed that safety is a collective responsibility.

During the meeting, Keppel Land was also conferred the bizSAFE Mentor certificate for the third consecutive time. The bizSAFE Mentor status is awarded to companies who have shown safety leadership in their industry.

As a bizSAFE Mentor, Keppel Land has the responsibility to gu ide and lead i t s contractors and all who work with them to be accountable

and responsible for safety. To date, Keppel Land is one of 10 companies in Singapore to be conferred this status. keppelite

About 120 employees, consultants and contractors of Keppel Land gathered for the company’s Annual Consultants and Contractors Health and Safety Meeting to share best practices

Mr Peter Jones (right), GM of Safety and Health at Keppel Land, received the bizSAFE Mentor certificate on behalf of the company from Mr Wong Fong Loy (left), Senior Assistant Director of Industry Capability Building at the Workplace Safety and Health Council


20 Special Focus

Strides in sustainabilityThe Keppel Group has a longstanding commitment to high environmental, social and governance standards. We firmly believe that what we do must have a positive impact on our stakeholders, including society at large. The Group’s efforts in sustainability were acknowledged on various platforms in recent months. In September 2015, business units also participated in many activities to raise environmental awareness.

Keppel Corporation has been listed as an index component of the Dow Jones Sustainability Indices for the third consecutive year. The Company was assessed to have in place exemplary environmental, social and governance management systems, including a strong safety culture

DJSI ASIA PACIFICKeppel Corporation has been listed as an index component of the Dow Jones Sustainability Indices (DJSI) Asia Pacific Index for the third consecutive year. The index t racks the performance of the top 20% of the 600 largest Asia Pacif ic companies

that lead the f ie ld in sustainability.

The company is also included as a constituent of the MSCI Global Sustainability Index and the Euronext Vigeo World 120 Index.

Mr Loh Chin Hua, CEO of Keppel Corporation and

Chairperson of the Keppel Group Sustainability Steering Committee, shared, “Keppel embraces sustainabi l i ty not only as a guid ing principle, but on strategic and operational levels. The Company’s inclusion in the indices, alongside established global companies leading the field in sustainability, affirms

our commitment to the highest environmental, social and governance standards.

“ A s a c o n g l o m e r a t e ope ra t i ng i n ove r 30 countries, we are committed to delivering value to all our stakeholders through sustaining growth in our businesses, empowering

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lives of people and nurturing communities wherever we operate.”

The systems and processes t h a t s u p p o r t K e p p e l Corporation’s sustainability framework are in adherence to AccountAbility’s AA1000 Principles of Inclusivity, Materiality, Responsiveness and Completeness.

To c o m m u n i c a t e i t s susta inabi l i ty s t rategy, practices and performance, K e p p e l C o r p o r a t i o n p r o d u c e s a n a n n u a l Sustainabil ity Report in accordance with Global R e p o r t i n g I n i t i a t i v e guidelines and Singapore E x c h a n g e ’s G u i d e t o Sustainabil ity Reporting for Listed Companies. The repor t i s va l ida ted in a c c o rd a n c e w i t h t h e DNV GL P ro to co l f o r Verification of Sustainability Reporting, which draw on AccountAbility’s AA1000 Assurance Standard 2008 and the In te r na t iona l Standard on Assurance Engagements 3000 by the International Federation of Accountants.

The DJSI was launched i n 1 9 9 9 a s t h e f i r s t g l o b a l s u s t a i n a b i l i t y benchmarks. The indices are offered cooperatively by RobecoSAM and S&P Dow Jones Indices and track the stock performance of the world’s leading companies in terms of economic, environmental and social criteria. The indices serve as benchmarks for investors

who integrate sustainability considerations into their portfolios.

T h e M S C I G l o b a l S u s t a i n a b i l i t y I n d e x comprises companies with high environmental, social and governance (ESG) ratings relative to their sector peers. The benchmark t a r g e t s t h e h i g h e s t E S G - r a t e d c o m p a n i e s m a k i n g u p 5 0 % o f t h e a d j u s t e d m a r k e t capitalisation in each sector of the underlying index.

Developed by Euronext, the primary exchange in the Eurozone, and Vigeo, the l ead ing European agency in Corporate Social Responsibility (CSR) ratings, the Euronext Vigeo World 120 Index is composed of the 120 highest-ranking listed companies globally in terms of performance in corporate responsibility.

SINGAPORE APEX CSR AWARDSKeppel Land took top honours in the La rge Organisations category at the inaugural Singapore Apex CSR Awards held on 25 August 2015.

The Awards are co-organised by Global Compact Network S i ngapo re , S i ngapo re Business Federation and The Business Times, and h o n o u r s S i n g a p o re a n companies that exhibit the highest levels of CSR excellence. It also provides a benchmark for other companies asp i r ing to improve on their sustainability practices.

Mr Ang Wee Gee, CEO of Keppe l Land, sa id , “Globa l momentum i s gathering for both public and pr ivate sectors to address pressing challenges such as urbanisation and

Representing Keppel Land at the Singapore Apex CSR Award was GM of Corporate Services and CSR Ms Serena Toh (centre) who received the award for the Large Organisations category from Guest-of-Honour and Minister in the Prime Minister’s Office Mr Chan Chun Sing (left)

climate change. Businesses have an important role to play in tackling these challenges by viewing them as opportunities to make a positive impact.

“Through our unwavering f o c u s o n c o r p o r a t e governance, adoption of best practices, giving back to communities, and greening our properties, we do our part in shaping the future for tomorrow’s generation.”

GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKKeppel REIT topped the internationally-recognised G l o b a l R e a l E s t a t e Sustainability Benchmark (GRESB) 2015, ranking first in Asia across all diversified entities and sectors, first in Asia among listed real



22 Special Focus

estate companies as well as first among entities listed in the Asia Pacific Real Estate Composite Indices. T h i s i s t h e s e c o n d consecutive year that Keppel REIT has been assessed and ranked against real estate industry players in Asia and globally. It is the first REIT in Asia to maintain its pole position as the regional leader for the office sector in Asia for two consecutive years. It is also among the top three globally for the office sector as well as across all diversified entities and sectors. Ms Ng Hsueh Ling, CEO of

Keppel REIT Management, the Manager of Keppel REIT, said, “At Keppel REIT, we recognise that sustainability makes good business sense. The results are testament to our proactive efforts towards achieving excel lence in sustainability. “We believe that Keppel REIT can achieve positive and sustainable outcomes fo r ou r bus ines s , the env i ronmen t and t he c o m m u n i t y a t l a r g e . Our commitment towards greater environmental , soc ia l and governance d i s c l o su re s w i l l go a long way in supporting investors, especially socially

responsible funds in their investment decisions.”

Exemplifying its commitment to make a positive impact to the environment, the tr i -generat ion plant at Keppel REIT’s 8 Chifley Square in Sydney, Australia, was highlighted by GRESB as a showcase of green innovation (see story on page 24). At the same time, the follow-on fund by Alpha Investment Partners’ Asia Macro Trends Fund (AAMTF) has been ranked fifth out of 11 entities in Asia in the diversified sector. AAMTF II has also been awarded the ‘Green

Stars’ status, an improvement from its previous ‘Green Walk’ status in 2014. AAMTF I was awarded the ‘Green Stars’ status last year.

This is based on the GRESB Quadrant Model where companies are scored against their peers and rated either ‘Green Starters’, ‘Green Walk’, ‘Green Talk’, or ‘Green Stars’.

The GRESB survey this year saw submissions from a total of 707 listed and unlisted property companies and private equity real estate funds in Asia and globally. GRESB assesses companies o n t h e i r i n t e g r a t e d

The Keppel REIT team celebrating its GRESB win and Singapore’s Golden Jubilee at Ocean Financial Centre, which features the largest vertical garden in Singapore’s central business district


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organisational approach a n d p e r f o r m a n c e i n environmental measurement and management.

SUSTAINABLE DEVELOPERKeppel Land displayed its continued support towards initiatives to green the built environment by coming in as a Gold Sponsor of the International Green Building Conference (IGBC) held at Marina Bay Sands. The company has been a strong supporter of the Conference since 2011.

Organised by the Building and Construction Authority of Singapore (BCA), the conference, held from 2 to 4 September 2015, saw over 1,000 participants from over 30 countries convene to share best practices on greening the built environment.

A s a p r o p o n e n t o f environmental education, Keppel Land also supported t h e B u i l d i n g E n e r g y Efficiency Solutions Students’ Competition as a Platinum Sponsor. The competition aimed to challenge students to think of energy efficient solut ions for the bui l t environment. Keppel Bay Towers and Marina Bay Financial Centre Towers One and Two were case studies for the competition.

Said Mr Tan Swee Yiow, President (Singapore) of Keppel Land, “At Keppel Land, we strive to positively impact and contribute to

communities wherever we operate. A competition like this is a good platform for us to nurture our younger generation and spur them on to produce innovative solutions for the building industry.”

R a f f l e s Q u a y A s s e t Management, the property manager for Marina Bay Financial Centre, was also a sponsor of the competition.

ECO LEADERFor his consistent and significant contributions towards a sustainable built environment, Mr Paul Lau, GM of Projects (Singapore)

Keppel Land staff took part in a tree-planting activity as one of the satellite events of IGBC. Participants included Keppel Land’s GM of Property Management and Knowledge Management, Mr Lim Tow Fok (extreme left)

at Keppel Land was awarded the Green Building Individual Commendation Award.

Organised by the BCA and the Singapore Green Building Council (SGBC), the awards seek to motivate the green workforce to c o n s t a n t l y c h a l l e n g e themselves to develop innovative solutions for the green building sector.

On his win, Mr Lau shared, “I am humbled to receive this accolade. It certainly encourages me to spread greater awareness of the green building movement in Singapore.”

GREENING BEDOK TOWN PARKKeppel Land staff took part in a tree-planting activity o rgan i sed by BCA on 4 September 2015 as part of the events surrounding the IGBC.

Over 90 participants took part in the event, which saw staff and management of BCA, SGBC and the Green Mark Advisory Committee plant saplings at Bedok Town Park. keppelite



Spurring Innovations

Green energyIn Sydney, Australia, buildings contribute over 50% of the city’s greenhouse gas emi s s ions . Trad i t iona l buildings are powered by coal-fired power stations that produce around 80% of Sydney’s electricity.

In contrast, a tri-generation plant generates electricity onsite using a gas engine, which is twice as efficient as coal-fired power stations and reduces carbon emissions by approximately 40%. The generation efficiency is further enhanced with the utilisation of waste heat for heating and chilled water generation via an absorption chiller.

A highly efficient energy technology, the tri-generation system is one of the largest decentralised energy networks in the world. As electricity is produced onsite, near where it is used, there is no need to transport electricity over long distances. It can replace coal-fired electricity and reduce overall emissions from buildings.

The tri-generation plant at Keppel REIT’s 8 Chifley Square comprises a 400 kW MWM TCG 2016 V8 natural gas engine connected in parallel to the grid. The engine is coupled to a 255 kW

B r o a d e x h a u s t f i r e d absorption chiller that is fully integrated into the building’s air conditioning, chilled and condenser water systems. Additionally, the tri-generation plant can produce 212 kW of heating for use by the building’s heating, ventilation, and air conditioning systems.

The tri-generation plant operates only during periods of high demand. During off-peak periods when the building requires lesser energy, electricity can still be purchased from the grid to ensure the building achieves the optimal environmental and financial efficiency.

The plant is the first of its kind in Sydney that is able to export “excess” electricity generated to another property. This allows the plant to operate at a higher capacity over longer periods, improving efficiency, minimising material use and redundancy and providing low carbon electricity to other buildings, which in turn greatly reduce overall carbon emissions.

On average, the tri-generation plant at 8 Chifley Square produces 22,599 kWh of electricity every week, or approximately 1.18 million

kWh per annum, enough to power about 7,320 homes in Australia for a year.

The use of onsite generation rather than grid-based electricity has also resulted in a reduction of 1,234 tonnes of carbon dioxide, the equivalent of emissions emitted by a car travelling over six million km.

The tri-generation technology is recognised under Australia’s Green Star Design as a carbon and demand reduction initiative. This has gained 8 Chifley Square additional credits towards its 6-star design and as-built ratings, and supports its goal of a 5-star energy rating under the National Australian Built Environment Rating System. Ms Ng Hsueh Ling, CEO of Keppel REIT Management, said, “At Keppel REIT, we believe that resource efficiency is not only our responsibility, but also makes good business sense.

“In line with our commitment to embrace sustainability, 8 Chifley Square is testament to how we can leverage innovative technology to achieve real cost savings while making a significant positive impact on our environment.” keppelite

In keeping with Keppel REIT’s commitment towards sustainability, 8 Chifley Square in Sydney features some of the latest in green technology, including the tri-generation plant

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Empowering Lives 25

A warm welcome

T h e K e p p e l G r o u p Orientation acquaints new employees with the Group’s businesses and culture, and fosters an understanding of the synergies between the various strategic business units.

Held at Keppel Leadership Institute on 7 September 2015, this year’s edition provided 147 new Keppelites from across the Group with the opportunity to interact and bond while learning about Keppel’s strong values, rich history and Can Do! spirit.

A highlight of the event was a sharing session which saw senior management, i n c l u d i n g K e p p e l Corporation’s CEO Mr Loh Chin Hua, CFO Mr Chan Hon Chew, Director of Group Human Resources Mr Robert Chong, and Keppel Offshore & Marine (Keppel O&M) CEO Mr Chow Yew Yuen, dishing out career advice.

“Learn and make a difference,” said Mr Loh. “When you are just starting out in your career, do not be too concerned about your job title. More critically, look at whether

you can learn. Throughout my career, I have been given roles that may not have been the most glamorous, but they were where I could make a difference.”

For Joyce Pang Qin, a senior eng ineer w i th Keppe l DHCS, the orientation was a welcome opportunity to meet colleagues from across the Group.

She said, “I am stationed on-site every day, so I hardly have the time or opportunity to meet Keppelites from other business units. This

o r ienta t ion i s a good platform for new employees to build relationships and get to know more people.”

The new recruits were also taken on site tours of various business units to get a first-hand glimpse of operations on the ground. This included Keppel O&M’s yards, Keppel Logistics’ warehouse, supply and cold chain logistics facilities as well as the show gallery of Corals at Keppel Bay, Keppel Land’s latest residential development in the Keppel Bay waterfront precinct. keppelite

New Keppelites from across the Group were welcomed into the Keppel family at the Group Orientation held in September 2015

26 Empowering Lives


Sharing insightsKeppel Young Leaders (KYL) organised a Keppel Infrastructure (KI) case study sharing session at Keppel Leadership Institute on 8 September 2015.

Presented by a case study t eam compr i s i ng KYL members from KI, Keppel S h i p y a rd a n d K e p p e l Singmarine, the session was an opportunity for participants to understand the development of the K e p p e l S e g h e r s Tu a s Waste-to-Energy (WTE) Plant Design-Build-Own-Operate project, including t h e c h a l l e n g e s f a c e d during tendering as well as engineering, procurement and construction (EPC) phases.

The p resenta t ion was followed by a panel discussion with Mr Tan Boon Leng, ED, WTE and X-to-Energy of KI, Mr Jackson Goh, GM, Keppel

Seghers, and Mr Goh Eng Kwang, GM (Operations), WTE, KI. Senior management including Mr Loh Chin Hua, CEO of Keppel Corporation and Chairman of KI, and Dr Ong Tiong Guan, CEO of KI, were also on hand to share their thoughts.

Kev in Chew, Technica l Eng ineer, K I , and co-leader of the case study team, said, “The project t e a m s h a r e d u s e f u l lessons learnt which will serve as good reference for us. The panel discussion was insightful as panelists and senior management shared honest answers and opinions.”

Clive Chng, Assistant Project Manager, Keppel Shipyard, found the session useful. “Sharing information within and across business units allows us all to learn and do better.” keppelite

(Facing the audience from L-R) Mr Jackson Goh, GM of Keppel Seghers; Mr Tan Boon Leng, ED, Waste-to-Energy (WTE) and X-to-Energy, Keppel Infrastructure (KI); Mr Goh Eng Kwang, GM (Operations), WTE, KI; and Dr Ong Tiong Guan, CEO, KI, shared their thoughts during a Keppel Young Leaders case study session

Robust internal controlsTo keep d i rectors and employees abreast of the latest developments in financial reporting and share best practices in internal control and compliance across the Group, Keppel Corporation’s Group Control & Accounts held its annual Group Finance Seminar on 14 August 2015.

Addressing 280 Keppelites from finance functions across the Group, Keppel Corporation CFO Mr Chan Hon Chew reiterated that the most important ingredient for an effective internal control system is its people.

He said, “We have to remind ourselves that control is

everyone’s responsibility, not solely that of finance.

“It is therefore critical that the Keppel Group finance community works in partnership with line management to achieve our common goal.”

In addition to sharing best practices and case studies by Group Internal Audit and Group Risk Management, the seminar included insights by Group Information Systems on data analytics and governance, r i s k and comp l i ance applications which would allow Keppelites to harness technology to improve the monitoring of controls. keppelite

Mr Chan Hon Chew, CFO of Keppel Corporation, addressed Keppelites at the Keppel Group Finance Seminar, a platform for finance staff across the Group to network and share best practices

Empowering Lives 27


The competition heats up

The September leg of Keppel Games 2015 saw competition heat up among the Atlantic, Caspian and Pacific teams as they battled it out in Tennis, Bowling, 9-Ball Pool, Netball and Cyber Games.

TENNIS TITANSU W C D o v e r w a s t h e chosen battleground for the Keppel Games Tennis Championship. Following an intense round of matches under the scorching sun, Team Caspian, with two

teams emerging on top of their opponents, were first into the semi-finals, followed by Team Atlantic 2 and Team Pacific 2.

The sem i - f i na l ma t ch between Team Atlantic 2 and Team Pacific 2 was decided

by a beautiful crosscourt volley by Varuna Ng of Team Pacific 2, buoyed by the assured performances of his teammates Roy Tan and Samantha Poh in their respective single matches. The other semi-final match between Team Caspian 1

and Team Caspian 2 was won by the strong Team Caspian 1, anchored by the tenacious Lucius Sim with his formidable groundstrokes.


SCORE BOARDAs at 18 September

2015

330Team

Atlantic

430Team

Caspian

235Team Pacific

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the Netball Challenge on 6 September 2015 at Delta Sports Hall.

Team Atlantic’s netballers underlined their dominance by edging out Team Caspian to win the ladies segment. By coming in second in the mixed gender segment, Team Atlantic chalked up 45 points to secure the Challenge Trophy.

This is the second year that a mixed gender segment has been included in the Netball Challenge. Despite an impressive start and winning first place in the mixed gender segment, Team Pacific lost out in the overall points tally, and lost narrowly to Team Caspian, who clinched second in the overall placing.

Keppel Games events are well attended by senior management, who not only officiate at prize giving ceremonies but join in the action.

Mr Abu Bakar, MD of Keppel Singmarine, was present at the Netball Challenge to lend support to Team Pacific. He shared that he tries to attend as many events as he can to cheer on and motivate the players.

Mr Hoe Eng Hock, MD of Special Projects at Keppel Offshore & Marine’s Marine Division and Senior Advisor to Keppelite Recreation Club, commended the players for raising the standard of play

Cheers fil led the courts as representatives from Te a m C a s p i a n 1 a n d Team Pacific 2 faced off for the final showdown. With their effervescent supporters behind them, the irrepressible Lucius

and doubles partners Bayu Hartanto and Ramzi Hashim, pushed Caspian Team 1 over the line with a total of 55 points. Pacific Team 2 emerged second whi le Atlantic Team 2 finished in third place.

COMEBACK CHAMPIONSThe Can Do! spirit burned brightly at the Keppel Games 9-Ball Pool Challenge on 6 September 2015 as spectators were treated to a nail-biting comeback performance from Team Atlantic. Intense quarter and semi-final rounds culminated in a final face-off between Team Caspian 2 and Team Atlantic 3.

Early in the finals, Team Caspian 2’s victory seemed almost assured with a two game advantage over Team Atlantic 3 and only one more game to secure the champion trophy. However, underdog Team Atlantic 3 fought back from the brink of defeat, winning back another two games to even the score. The electrifying deciding game eventually saw Team Atlantic 3 pushing through to emerge champion of the 9-Ball Pool Challenge followed closely by Team Caspian 2 and Team Atlantic 2.

CYBER WARFAREThe Cyber Games Challenge 2015 was held at The Colosseum@Bugis+ on 13 September 2015. After over seven gruelling hours of round-robin cyber warfare in DOTA2, Team Atlantic 1 emerged the champion, with Team Caspian 2 and Team Pacific 2 claiming first and second runner-up spots respectively.

QUEENS OF THE COURTFiery action on the court g r ipped spec ta to r s a t


Empowering Lives 29


Bulgarian bowling prowess

Bowlers at the Keppel Games Bowling Challenge this year did a double-take upon glimpsing Team Caspian’s newest addition to its bowling team.

Enter Nikolay Goleshov, HVAC Engineer at Keppel FELS. Standing a ful l head above most of the athletes present, he cut an imposing figure at the event, with the bowling skills to match his stature. Having relocated from Keppel FELS Baltech last September, the Bulgarian bowler ach ieved the highest score of 771 pinfalls in his first year of participating in Keppel Games.

Nikolay said, “I came to Singapore just 11 months

ago, and enjoy the Keppel Games very much. Practising your favourite sport after a hard day’s work is the perfect way to relax and make friends. You can feel the strong team spirit among

all the team members as we share ideas on how to improve our score together.”

When asked about the secret to his success in bowling, Nikolay jokingly cited the

lyrics to a Linkin Park song. “I put it down to 10% luck, 20% skill, 15% concentrated power of will, 5% pleasure, 50% pain, and 100% reason to remember the name!”

Nikolay Goleshov, HVAC Engineer at Keppel FELS (holding bowling ball), was Team Caspian’s newest addition to its bowling team at Keppel Games this year. He finished with the highest score for the competition

through their hard work. He shared that the teams had engaged professional coaches to guide them in upping their game.

Olivia Tan, an Accountant at Keppel Shipyard and member of Team Atlantic, noted that the numerous training sessions were a good chance for bonding with others in the Keppel Group. She said, “My job is largely desk-bound, and it’s great to recharge from work with exercise. I enjoy the sport and making new friends in the process.”

Age is no barrier to the game and Keppelites from al l walks of l i fe come together to get a slice of the action on court. Charmaine Ong, an Account Manager at M1, quipped, “I’m 40 this year but it doesn’t stop me from competing with players almost half my age. We have a lot of fun training and keeping fit together.”

PACIFIC PRIDEWhat seemed to be a cakewalk from the start for Team Atlantic at the Keppel Games Bowling Challenge this year eventually unfolded

into a nail biting race to the finish. The earlier part of the competition at Orchid Bowl saw Team Atlantic 5 leading in pinfalls almost all the way until the final game with Team Pacific 1 and Team Caspian 5 trailing closely behind.

With most of the other teams having finished by the final game, the entire bowling alley gathered in hushed silence around a single lane, watching Team Pacific 1 match each Team Caspian 5 strike with its own. The tense silence eventually

broke with the entire bowling alley erupting in rancorous cheers, as for the first time in recent Keppel Games memory, Team Pacific 1 emerged victorious, taking home the Bowling Overall Team Champion Trophy and Keppel Challenge Trophy with 2,851 pinfalls.

Team Caspian 5 and Team Atlantic 5 finished second and third with 2,764 and 2,746 pinfalls respectively. keppelite

30 Empowering Lives


Words of wisdom“Never regard any project that’s assigned to you as insignificant. Once you are tasked to do a job, do it to the best of your ability. At the end of the day, the knowledge and experience that you gain from completing the project belongs to you and you are the one who benefits.”

This was but one of many pear ls of wisdom that E r. Seow T iang Keng, S e n i o r M a n a g e r o f Electrical & Instrumentation (Production), Keppel FELS, shared wi th over 350 Keppelites during the Learn & Lunch sessions organised by Keppel Offshore & Marine (Keppe l O&M) Human Resources on 19, 26 and 27 August 2015.

The 75-year-old stalwart, who oversaw the installation and operation of electrical systems on oil r igs and other floating platforms, retired in mid-September 2015.

Fondly known as TK, the veteran Keppelite of over 45 years spoke about his involvement in the development of Keppel’s Tuas Shipyard in 1975.

As an electrical engineer, Mr Seow gamely rose to the challenge of building the entire electrical system of the yard from scratch, looking into every detail – from feasibility studies to the eventual design, supervision and final commissioning of the system.

“When I was asked to be in charge of Tuas Shipyard, s o m e o f m y f r i e n d s commented, ‘You are only a salaried worker. Why should you do so much when you are not paid a consultant’s fee?’ However, I saw it as a golden opportunity to be involved in a mega project and I learnt a great deal from handling this assignment.”

Indeed, Mr Seow gained much experience from the myriad of local and overseas projects he has handled since joining Keppel as an electrician at the age of 29.

Ref lect ing on his past projects, including the start-up of a power plant in the China-Singapore Suzhou Industrial Park in China and

the final construction phase of Sedona Suites Hanoi in Vietnam, Mr Seow shared how he saw every new project as a challenge to overcome and was undeterred even when sent to foreign places.

E v e r e a g e r t o l e a r n , Mr Seow urged, “Never stop learning. Even at my age, I still make it a point to attend public lectures.

“I may not understand everything but I tell myself that even if I absorb just 5% of what is delivered, I will still benefit from the knowledge that I accumulate over time.” keppelite

Er. Seow Tiang Keng’s (front row, sixth from left) passion and exuberance shone through during the Learn & Lunch sessions where he shared highlights of his 45-year career with Keppelites

Empowering Lives 31


Keppelites Around the World

Eric Cheng (second from right) with colleagues at the Keppel Land China Annual Staff Conference in Shanghai earlier this year

Eric Cheng first began his career in Keppel Land China as the marketing manager for Central Park City in Wuxi. That was followed by three years in the marketing department at the company’s headquarters in Shanghai, before he moved on to head Keppel Land’s Waterfront R e s i d e n c e p ro j e c t i n Nantong. Eight years later, he has come full circle and is back on familiar ground – but now with bigger responsibilities – as Keppel Land China’s city head for Wuxi.

Eric admits that the beginning was tough. “Even though I am a local Chinese, I wasn’t born in Wuxi. My staff came from diverse backgrounds, each with their own working style. I had to understand how they think, get used to their working habits and at the same time motivate them to continue improving themselves,” he said.

Born and raised in the vibrant, face-paced metropolis of Shanghai, Eric had to adapt to the slower pace of life in Wuxi, where he found there was a greater emphasis on family and bonding.

“My approach is to become fr iends with my staff .

Coming full circle in Wuxi

Spending time with them after work, having meals and playing sports together have helped foster strong bonds that carry through to the work place. I make it a point to understand their points of view and listen to their suggestions. When they know that their views are taken seriously, they develop a sense of belonging to the company which inspires them to put in their best.”

B e i n g a S i n g a p o re a n c o m p a n y, t h e r e a r e differences in how Keppel Land functions compared

to a local Chinese company. After eight years, Eric has a deep understanding of Keppel’s culture and core values and is well-equipped to impart this understanding to his team.

“Local developers and suppliers usually do not place the same emphasis on safety as we do at Keppel. I have to explain that safety is Keppel’s core value and why we do not take chances. Being a local Chinese helps me communicate these messages to our stakeholders clearly.”

With his wife and two children residing in Shanghai, it is a two-hour drive from Wuxi for Eric to see his family on weekends. It is a sacrifice he feels is worth the job satisfaction.

“At Keppel Land, we are given ample opportunities to grow and achieve our career aspirations. My combined experiences have prepared me to take on leadership roles within the company, and helped me to grow, not just professionally but personally as well.” keppelite

32 Empowering Lives


Rigorous trainingS i x t e e n o u t s t a n d i n g Keppelites from Keppel Offshore & Marine’s (Keppel O&M) overseas business units, including those in Brazil, China, the Philippines and Qatar, attended the D ip loma (Conve r s i on ) in Mar ine & Off shore Technology (DCMOT) course from April to August 2015.

T h e 1 5 - w e e k c o u r s e culminated in a presentation to senior management on 31 August 2015 where participants shared their f indings and proposed improvements for the yards in their home countries.

Now in i t s th i rd run , the DCMOT course i s a partnership between Keppel O&M and Ngee Ann Polytechnic to nurture high-performing employees. Besides structured classroom courses, participants also undergo on-the-job training

at Keppel O&M’s local yards so that they can learn and share best practices.

Deepu Anthikat Gopinathan, Piping Engineer, Nakilat-

Keppel Offshore & Marine, shared, “This course enabled me to gain a macro view of the different work processes in our yards. My attachment with Keppel Shipyard was

also very useful as my mentors shared invaluable advice and insights which they have gained from their many years of experience.” keppelite

Participants of the third run of the Diploma (Conversion) in Marine & Offshore Technology course celebrated the completion of their training programme with Keppel O&M’s senior management, led by Mr Chris Ong (back row, centre in blue), Deputy MD, Keppel FELS

Fuel for thoughtI never teach my pupils. I only attempt to provide the conditions

in which they can learn.

Albert Einstein

Empowering Lives 33


Night of nostalgiaKeppel Infrastructure (KI) employees rel ived fond memories of yesteryear dur ing the company ’s dinner and dance event on 28 August 2015, with Mr Loh Chin Hua, CEO of Keppel Corporation and

Chairman of KI, as the Guest-of-Honour.

Held at F lower Dome, Gardens by the Bay, KI adopted a SG50 theme for the event, rolling out a range of old-school games such as

gasing (top spinning) and chapteh as well as snacks including kachang puteh and dragon beard candy.

The programme centred on 50 years of Singaporean music, with KI employees

performing songs from the 1960s to 2000s, while the menu featured local delicacies like Hainanese chicken rice balls, laksa, popiah and satay. keppelite

34 Nurturing Communities



Arts advocateI n re c o g n i t i o n o f i t s longstanding support of the arts, Keppel Corporation was conferred the Distinguished Patron of the Arts award by Singapore’s National Arts Council on 3 September 2015.

This is the eighth consecutive year that Keppel Corporation has received the award, which recognises organisations and individuals that have contributed towards the promotion of cultural and artistic activities in Singapore. Keppel Corporation also received a SG50 Arts Patron Award, a special honour conceived in conjunction with Singapore’s Golden Jubilee to show appreciation

to long-term patrons of the arts.

Besides supporting various arts organisations over the years, Keppel a lso contributes to nurturing future arts audiences and igniting their creativity.

For instance, the Keppel Nights programme is a partnership with Esplanade – Theatres On the Bay that allows students from heartland schools access to world-class performances, while the Keppel Centre for Art Education will be an immersive creative learning space for youth in the upcoming National Gallery Singapore. keppelite

Professor Chan Heng Chee (left), Chairman of the National Arts Council, presented the SG50 Arts Patron Award to Keppel Corporation, which was represented by Mr Ho Tong Yen (right), GM, Group Corporate Communications

Supporting relief and rescue effortsIn a id of re l ief efforts following the explosions that occurred at the Port of Tianjin, China, on 12 August 2015, Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC) donated RMB 150,000 to the S ino-Singapore T ianj in Eco-City’s (Sino-Singapore Eco-City) Fire Department and Public Security Bureau on 2 September 2015. The series of explosions killed over 170 people and injured hundreds of others. Firefighters and policemen from the Sino-Singapore Eco-City have been working tirelessly to assist affected

residents and maintain order in the Tianjin Binhai New Area.

As a gesture of support and appreciation for the efforts of the Sino-Singapore Eco-City’s Fire Department and Public Security Bureau, SSTEC CEO Mr Liew Choon Boon presented the cheque on behalf of SSTEC to the two departments through the Eco-City Volunteer Association.

SSTEC, master developer for the Sino-Singapore Eco-City, is a 50-50 joint venture formed by the Keppel-led Singapore consortium and China consortium. keppelite

SSTEC CEO Mr Liew Choon Boon (third from right) presented donations on behalf of SSTEC to Eco-City Public Security Bureau Director Mr Sun Liankai (third from left) and Eco-City Fire Department Director Mr Wang Jun (second from right) through the Eco-City Volunteer Association, represented by its Secretary-General Mr Wei Shangyi (second from left)

Nurturing Communities 35


Golden Jubilee

In recognition of the Keppel Group’s sponsorship of the National Day Parade (NDP) 2015, Dr Ng Eng Hen, Singapore’s Minister for Defence, presented a Gold Award to the Group at the NDP 2015 Appreciation Function on 24 August 2015. Representing the Group in receiving the award was Mr Robert Chong, Director of Group Human Resources, Keppel Corporation.

Separately, Keppel’s NDP m a r c h i n g c o n t i n g e n t organised an appreciation f u n c t i o n t o t h a n k K e p p e l i t e s a n d representat ives of the Singapore Armed Forces for their participation and support in the NDP.

T h e y w e r e j o i n e d b y K e p p e l ’s s e n i o r management, including Keppel Corporation CEO

Mr Loh Chin Hua, Keppel Infrastructure CEO Dr Ong T i o n g G u a n , K e p p e l Te l e c o m m u n i c a t i o n s & Transpor ta t ion CEO Mr Thomas Pang and Director of Group Human Resources Mr Robert Chong.

M r L o h c o m m e n d e d K e p p e l ’ s m a r c h i n g contingent for flying the Keppel flag high at NDP 2015, and for their excellent

display of teamwork and coordination.

C o l o n e l S i m o n L e e , Chairman of the NDP 2015 Parade and Ceremony Committee, thanked the Keppel Group for supporting the NDP event over the years and congratulated Keppel’s marching contingent on a job well done. keppelite

(Top left photo) Dr Ng Eng Hen (right), Singapore’s Minister for Defence, presented a Gold Award to Mr Robert Chong (left), Director of Group Human Resources, Keppel Corporation, in appreciation of the Keppel Group’s support of NDP 2015 (Top right and bottom photo) Keppel’s senior management joined Keppel’s marching contingent and representatives from the Singapore Armed Forces at an appreciation function to thank participants for the hard work put in towards preparing for NDP 2015



Bolstering Brazilian tiesAs a strong partner of Brazi l , Keppel Offshore & Marine (Keppel O&M) regularly supports activities

and events that strengthen relations with the country. With 2015 marking the 15th year of Keppel O&M’s

operations in Brazil, this y e a r ’s f e s t i v i t i e s a n d celebrations were especially significant.

FUN IN THE PARK For the third year running, Keppel O&M sponsored the popular concert in the park, PianoBotanica, at the Singapore Botanic Gardens. Set in the lush greenery of the UNESCO World Heritage Site, over 2,000 attendees enjoyed an evening of exuberant Brazilian music by Brazilian Duo Bastos & Borges on 6 September 2015.

The hour- long concert saw flautist João Bastos and pianist Yara Borges enchanting the audience with intricate harmonies.

SAMBA NIGHT Keppel O&M was once again a proud sponsor of the annual Brazilian Cultural Week in Singapore. On 29 August 2015, over 280 guests were treated to a spectacular night of samba dance and capoeira performances during the annual Brazilian Night held at Hard Rock Café. Guests also enjoyed a performance by the renowned Brazilian singer Carolina Soares.

O r g a n i s e d b y t h e Association of Capoeira de Ouro Singapore, the Brazil ian Cultural Week seeks to increase cultural awareness and promote cultural exchange between Singapore and Brazil. keppelite

Mr Ho Tong Yen (extreme left), GM, Group Corporate Communications, Keppel Corporation, Brazilian Ambassador H.E. Luis Fernando de Andrade Serra (second from left) and his wife (centre), celebrated the friendship between Singapore and Brazil at the third edition of PianoBotanica on 6 September 2015

Guests at the Brazilian Night event were treated to a wide range of performances, including capoeira, a Brazilian martial art that combines dance, acrobatics and music



Day of celebration BrasFELS celebrated Brazil’s Independence Day with its employees and members of the community.

On 4 September 2015, BrasFELS marked Brazil’s Independence Day, which falls on 7 September, with a f lagrais ing ceremony and music celebrating the country.

Recounting Keppel’s long partnership with Brazil, Mr Kwok Kai Choong, CEO and President of Keppel FELS Brasil and BrasFELS, said, “Since the year 2000, BrasFELS has come a long way to where we are today.

“Today, all of us at BrasFELS must be proud of our significant contributions to Brazil’s production capacity through the various projects that we have successfully completed over the last 15 years. Congratulations to a l l o f y o u , B r a s F E L S employees.”

Urging all employees to continue to raise their productivity and work safely, Mr Kwok said, “Productivity must be accompanied

with safety and safety is not negotiable. Everyone at BrasFELS has a part to play and has a personal respons ib i l i t y towards the safety of himself, his colleague and the safety of the company.”

At the event, BrasFELS also recognised three workers and one supervisor for their strong safety performances a s we l l a s e f fo r t s to encourage their teams and peers to work safely.

Adding joy to the occasion were lively performances by Coral da Cidade, Angra’s municipal choir, and a band from Nazira Salomão high school.

The Independence Day celebrations were topped off with a traditional meal of feijoada (stewed beans with beef and pork) served at the shipyard’s canteen. keppelite

Coral da Cidade, Angra’s municipal choir, gave a rousing rendition of Brazil’s national anthem at BrasFELS’ Independence Day event

Mr Kwok Kai Choong, CEO and President of Keppel FELS Brasil and BrasFELS, addressed BrasFELS employees

Washington Manoel Xavier Ribeiro (foreground, second from left), Assistant Technician of BrasFELS Transport Section, was among those recognised as an exemplary safety champion

The band of Nazira Salomão public high school performed at BrasFELS’ Independence Day event


Keppelite I September 2015 Keppelite I September 2015

Golf for a good causeCommitted to giving back to the communit ies in which it operates, Keppel’s business units and associate compan ies o rgan i se a variety of activities to make a positive difference.

One such activity is M1’s annual charity golf event. At this year’s event held at Sentosa Golf Club on 26 August 2015, Keppel Corporation Senior Advisor and M1 Cha i rman Mr Choo Chiau Beng joined M1 bus iness partners , management and staff to tee off for a good cause.

In total, $350,000 was raised for M1’s adopted children and youth charities, including Beyond Social

Services, Brahm Centre, t h e C h i l d r e n - A t - R i s k Empowerment Association and the M1 Students Support

Fund , wh i ch p rov ides supplementary support to school-going children from low income families. keppelite

Teeing off for a good cause were Keppel Corporation Senior Advisor and M1 Chairman Mr Choo Chiau Beng (second from right), with M1’s business partners such as Huawei International CEO Mr Zhou Bin (far right) and M1 CMO Mr Lee Kok Chew (second from left)

Teaching it forwardOn 28 Augus t 2015 , National Volunteer Day in Brazil, young employees from BrasFELS visited the students of the public high school CIEP 302 Charles Dickens.

The BrasFELS volunteers shared on the history of the shipyard as well as their work and academic background, with the aim of inspiring the students with their experiences. Following the sharing, the students enjoyed a tour of BrasFELS.

The teachers of CIEP school

were all praises for the volunteers and the sharing session, which they felt provided their students with positive role models and broadened their perspectives.

The visit was BrasFELS’ first activity under its new community initiative ‘Teach-It-Forward’ (‘Passe Adiante’ in Portuguese).

The in i t iat ive seeks to e n c o u r a g e B r a s F E L S employees to pass on their knowledge and experiences, building up the talent pool of the community. keppelite

BrasFELS volunteers and the students of the public high school CIEP 302 Charles Dickens on a tour of the shipyard



and students were glad to be part of the first such attempt in Singapore and the world.

Norrashikin Abdul Refaiie, a Programme Executive from APSN, applauded the Keppel Volunteers, saying, “The students were happy to express their creativity through the painting of the lanterns. We are grateful for the time taken by the Keppel Volunteers to enjoy this activity with them.” keppelite

wanted to understand the culture in Singapore so I volunteered for the popiah making event with the elderly previously and now I get to try my hand at snowskin mooncakes. It was great to learn new things and do good at the same time.”

A l l the knead ing and shaping of the mooncakes also allowed the 30 seniors to exercise their fingers and arms, in l ine with Keppel Volunteers’ aim of

encouraging active aging and wellness through their programmes for the elderly.

The fun continued into the evening as Keppel Volunteers joined forces with APSN students to set a new Guinness World Record for the largest number of people carrying lanterns made by people with mild intellectual disability.

Despite not achieving a new record, the volunteers

Ailvy Faith Zamora (right) of KOMtech working hand in glove with her new found senior friend to make snowskin mooncakes

Cindy Chew (extreme left) from Keppel Shipyard volunteered to come up with a special experience for both senior beneficiaries and Keppelites

Keppel Volunteers participated in a walkathon with APSN students, carrying lanterns they painted and crafted together

Over the moonMoon gazing was made memorab le by Keppe l Volunteers this mid-autumn for seniors from Thye Hua Kwan (THK) Bedok Radiance Seniors Activity Centre as well as students from the Association for Persons with Special Needs (APSN).

It began bright and early on the morning of 19 September 2015 as volunteers chatted and worked with the seniors to make not just ordinary mooncakes, but those with snowskin. All because the volunteer lead for the event, Cindy Chew from Keppel Shipyard, wanted to come up with an unusual experience for the seniors as well as volunteers. Her sweet treat proved a hit, judging from the excitement and energy that filled the centre turned pastry kitchen.

Ai l vy Fa i th Zamora of KOMtech, who hails from the Philippines, shared, “I

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Keppel O&M has the expertise to build rigs of the LETOURNEAU™ design, having previously completed 16 such rigs, including the COATZACOALCOS (pictured), a LETOURNEAU™ Super 116E design which was built by Keppel AmFELS in Brownville, USA

Strategic acquisitionKeppel enhances capabilities with acquisition of LETOURNEAU™ jackup rig designs, rig kit and aftermarket service businesses.

On 31 August 2015, Keppel Offshore & Marine (Keppel O&M) announced that it has, through its subsidiary Keppel Offshore & Marine USA, Inc., entered into a Stock and Asset Purchase Agreement with Cameron International Corporation (Cameron), to acquire Cameron’s offshore rigs business, which comprises the LETOURNEAU™ jackup rig designs, rig kit business and aftermarket services.

The LETOURNEAU™ suite of jackup rig designs are established designs that have been popular with certain market segments and have a proven track record of operating in a variety of environments.

The des igns Keppel i s acquiring, which include the LETOURNEAU™ Super 116E, WORKHORSE, Super Gorilla XL and Jaguar, will add to Keppel’s offerings in the jackup rig market.

With the acquisition, Keppel will be able to offer customers the LETOURNEAU™ rig designs through the sale of rig kits to shipyards, or deliver ready-to-drill rig solutions from Keppel yards worldwide. The rig kits include jackup leg components, elevating units/jacking system and cantilever/skidding system. Support equipment such as cranes

and anchor winches are also options in the rig kits.

Another aspect of the business is the provision of aftermarket services. With about 100 LETOURNEAU™ rigs currently operating around the world, many operators require servicing and repair of their rigs. Keppel will be able to leverage its network of yards worldwide to better meet these customers’ needs. Besides repairs, upgrades and modifications, jackups are required to undergo five-yearly Class recertification special periodic surveys.

Mr Chow Yew Yuen, CEO of Keppel O&M, said, “This is an opportune and strategic acquisition as it will not only broaden our suite of jackup rig design offerings in this highly competitive sector, but also provides us with enhanced capabilities to service customers through the provision of expanded aftermarket sales and services. We are confident that the long-term fundamentals of the offshore rig market remain positive.”

“With the current low oil price, we have seen a s lowdown in newbui ld rig orders. Rig owners are instead looking at repairing and upgrading their current fleet. We believe that we can

make best use of our after sales service infrastructure to service rigs of both the LETOURNEAU™ as well as Keppel FELS designs. These are popular designs operating in many of the world’s offshore oil fields and rig owners can now utilise our global network of yards to

service and maintain their rig assets cost-effectively.”

The complet ion of the acquisition is subject to the fulfilment of certain cond i t ions p recedent , including relevant approvals from regulatory authorities. keppelite

Documents

Triple Naming of Ice-Class Vessels · Golden Jubilee 35 Bolstering Brazilian ties 36 ... Keppelite I September 2015 Editorial An eye on the future Election fever gripped Singapore