Keppel FELS Limited (“Keppel FELS”), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (“KOM”), has entered into a settlement agreement with a global oil and gas services company to terminate with effect from today the contract for the integration and commissioning work of a newbuild asset with a value of approximately S$165 million.
The termination of the aforementioned contract has been mutually agreed with the customer after taking into consideration the customer’s requirements and current market conditions.
Keppel FELS has received milestone payments for the approximately 30% of the project completed which covers its costs incurred on the project.