Keppel not resuming work on Sete Brasil rigs until client restarts payments

Singapore

KEPPEL Corp, the world's largest builder of oil rigs, said it won't resume work for a key Brazilian client until the customer restarts making payments on its orders.

Sete Brasil Participacoes SA, embroiled in a corruption probe known in Brazil as Lava Jato and debating whether it should file for bankruptcy, stopped paying Keppel last year on its orders for rigs. Keppel announced a S$230 million charge in January on the delinquent projects.