Keppel Fels terminates rig contracts with two clients

SINGAPORE (THE BUSINESS TIMES) – Offshore group Keppel Fels has terminated its rig contracts with an affiliate of Clearwater Capital Partners, and Fecon International.

The clients failed to gather the rigs they’d ordered, although these had been able to be delivered, and pay the excellent instalments. They additionally didn’t present cheap or authorized justifications for his or her failure, stated Keppel Corp in a bourse submitting late on Wednesday (April 13).

Keppel Fels, a subsidiary of Keppel Corp’s offshore and marine arm, will retain the funds it has obtained to date and the possession of the rigs, together with the best to promote.

The offshore firm had obtained two jack-up orders from an affiliate of wealth administration agency Clearwater Capital Partners in October 2013. One of the rigs, value about US$200 million (S$271 million), nonetheless stays undelivered.

Keppel Fels additionally obtained an order to construct three jack-up rigs value US$650 million for rigs supplier Fecon International in February 2014.

The contracts had been terminated on April 13, and Keppel Fels is presently exploring different choices, such because the sale and constitution of those rigs.

It added that the termination of those contracts shouldn’t be anticipated to have any materials monetary influence on Keppel Corp’s earnings per share and internet tangible asset per share for the present monetary 12 months.

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