Keppel, SembMarine settle US$10b contracts standoff with Sete Brasil
These pertain to orders for rigs and drillships that have been frozen after Sete filed for bankruptcy amid sweeping corruption probe in Brazil
Add BT as a preferred sourceNg Ren Jye
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
KEPPEL Corp and Sembcorp Marine (SembMarine) have reached long-awaited settlements with Sete Brasil for drillship and rig-building contracts worth more than US$10 billion that were frozen after their once biggest customer was forced to file for bankruptcy amid a sweeping corruption probe in Brazil.
A Keppel Offshore & Marine (Keppel O&M) unit will take control of four uncompleted rigs and is in discussions to complete the building of two remaining rigs, Keppel said in a bourse filing on Monday.
Copyright SPH Media. All rights reserved.
TRENDING NOW
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
