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Update: Lawsuit against SembMarine, Jurong Shipyard, Keppel dismissed by US district court (Amended)

Monday, April 3, 2017 - 07:49

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Earlier on May 24, 2016, and June 2, 2016, SembMarine and Jurong Shipyard were named as defendants along with other shipyards and entities in a suit filed by EIG Management against Petrobras.

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.

sentifi.com

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Amendment note: In the latest version of the article, we have clarified that the investments were made by EIG Management.

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