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THE US District Court for the district of Columbia has ruled in favour of Sembcorp Marine (SembMarine), Jurong Shipyard, Keppel Corporation and Keppel Offshore & Marine (O&M) in a lawsuit filed by EIG Management against Brazil's national oil company Sete Brasil. As a result, claims against them have been dismissed.
Earlier on May 24, 2016, and June 2, 2016, SembMarine, Jurong Shipyard, Keppel Corporation and Keppel O&M were named as defendants along with other shipyards and entities in a suit filed by EIG Management against Petrobras.
In SembMarine's recent fourth-quarter results, it swung back in the black with a net profit of S$34.29 million, a reversal from a net loss of S$536.88 million, mainly on the absence of impairment and provisions for its rig building projects.
Keppel O&M, while the largest profit contributor to Keppel Corp, slipped into the red in Q4 2016 with a net loss of S$138 million after some S$270 million in provisions.
Amendment note: In the latest version of the article, we have clarified that the investments were made by EIG Management.