Keppel Offshore & Marine (Keppel O&M) has bagged a SGD600m ($442.2m) contract from an energy company for a vessel for the offshore renewable energy sector.

Keppel said the contract was for the engineering, procurement and construction of the vessel for an undisclosed energy company. No details of the vessel were disclosed or its expected delivery date.

The company did say that contract was based on progressive payments.

Commenting on the contract Keppel said: “This is in line with Keppel Corporation’s Vision 2030, which includes seeking opportunities in providing renewable energy solutions.”

A strategic review by Keppel sees the potential sale or merger of its offshore marine business, which has been hard hit by low oil prices and COVID-19.