Keppel FELS puts Floatec revamp in perspective

Singapore

KEPPEL FELS has downplayed market talk over the possible dissolution of Floatec, a standing floating production joint venture with Houston-based McDermott.

In a statement issued to The Business Times, a Keppel FELS spokesman maintained: "Ongoing project support and pursuits will be supported by both parents (Keppel Fels and McDermott) in line with our previous commitments and we continue to engage actively on these opportunities."

The statement was issued in response to a request for comments on a report in the Upstream oil and gas magazine suggesting that the restructuring of Floatec called for evaluation…