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CGS-CIMB buoyant on Keppel, SembMarine following news of Sete Brasil settlement

Stanislaus Jude Chan
Stanislaus Jude Chan10/8/2019 12:44 PM GMT+08  • 3 min read
CGS-CIMB buoyant on Keppel, SembMarine following news of Sete Brasil settlement
SINGAPORE (Oct 8): CGS-CIMB Research is keeping its “overweight” rating on the offshore & marine sector, following news that creditors – including Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine (SembMarine) – have finally reached a sett
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SINGAPORE (Oct 8): CGS-CIMB Research is keeping its “overweight” rating on the offshore & marine sector, following news that creditors – including Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine (SembMarine) – have finally reached a settlement with Sete Brasil.

Keppel Corporation subsidiary Keppel O&M on Monday morning announced that its wholly-owned subsidiaries, Fernvale and FELS Offshore, have entered into a settlement agreement with subsidiaries of Sete Brasil in relation to the Engineering, Procurement and Construction (EPC) contracts for the construction of six semisubmersible drilling rigs.

As part of the agreement, Fernvale will take over ownership of the four uncompleted rigs which arose from the performance of the EPC contracts.

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