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
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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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