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Keppel terminates two rig contracts after customers did not pay up

The Edge Singapore
The Edge Singapore4/13/2022 11:12 PM GMT+08  • 1 min read
Keppel terminates two rig contracts after customers did not pay up
File photo of one of the many rigs built by Keppel / The Edge Singapore
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Keppel Corporation has terminated two rig-building contracts after customers neither took delivery of the completed rigs nor pay the balance due.

One of the contracts was from Oct 2013 of two jackup rigs to be built for an affiliate of Clearwater Capital Partners. One of the two rigs, worth US$200 million, remains undelivered.

The other contract to be terminated dates from Feb 2014. It is to build three so-called high-specification KFELS B Class jackup rigs for Fecon International. The contract is worth US$650 million.

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