Keppel Corp continues to build its green newbuilding orderbook with an order for an offshore substation (OSS) in a deal worth SGD 130m ($97m).
The contract, which was secured by Keppel Offshore & Marine (Keppel O&M), has been secured from an unnamed international renewable energy company.
Keppel’s work scope comprises the engineering, procurement, construction, testing and commissioning for the complete substation.
The OSS, which will have a capacity of 600 MW and is scheduled to be completed during 2025, will be deployed in an offshore wind site in the Asia Pacific region.
“As we extend our footprint and deepen our expertise in the offshore renewables industry, Keppel O&M is well-placed to support the growing demand for offshore wind solutions and contribute towards the global energy transition,” said Keppel O&M’s managing director of new energy/business, Tan Leong Peng.
Keppel O&M is strengthening its foothold across the value chain of offshore renewables as it looks to pivot away from its traditional oil and gas industry contracts.
It is currently building a HVDC converter station for offshore wind farms in the German sector of the North Sea, two OSSs for an offshore wind farm, as well as the first wind turbine installation vessel in the US. In 2021, it delivered two OSS projects, which are now operational in Taiwan.
Last year British asset management company Schroders forecast that over the next 30 years, more than $100trn will be spent on achieving the transition to a more sustainable energy system.