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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
Ng Ren Jye
Published Mon, Oct 7, 2019 · 09:50 PM
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.
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