Keppel Terminates More Contracts Linked to 2010s Offshore Boom

Keppel Terminates More Contracts Linked to 2010s Offshore Boom

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Singaporean rigbuilder Keppel O&M has introduced the termination of contracts over failure of purchasers to make closing funds and take supply.

The terminations are the most recent linked to deserted belongings that had been ordered over the past offshore oil and gasoline growth within the mid-2010s however by no means absolutely paid for or delivered. In every case, Keppel retains possession of the “legacy” belongings, by means of an impartial associated firm, and in addition retains the best to promote or constitution the vessels.

The most recent announcement issues the TS Jasper, a $500 million jack-up ordered in 2014 by TS Offshore Restricted; an $85 million high-specification liftboat ordered by Crystal Heights Holdings Restricted in 2015; and the semi-submersible Sapura Raiqa, additionally ordered in 2015.

Keppel stated it issued notices of termination for the contracts and can retain all funds already acquired. It is going to additionally retain possession of the vessels, except the liftboat as a result of development has not but commenced.

Keppel lately signed bareboat constitution contracts for 2 so-called “legacy” jackup rigs ordered in 2013 and 2014 because the offshore oil and gasoline market improves.

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