Provisions back in focus as Sete Brasil gets bankruptcy filing nod
Keppel says S$230m adequate for now but, like SembMarine, is keeping close watch
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Singapore
SETE Brasil's bankruptcy filing approved before Thursday trading hours marked the first step forward towards removing the overhang over the biggest rig-building contracts on the order book of Keppel Offshore & Marine and Sembcorp Marine.
With the path cleared for the restructuring of Sete Brasil, the ball is once again in the court of Keppel O&M and SembMarine on whether further provisions will be made for the contracts from the rig-owning affiliate of Petrobras.
