Keppel Corporation Limited refers to its media release dated 7 October 2018 relating to the two additional contracts entered into by its wholly-owned subsidiary, Keppel Singmarine Pte Ltd, with Stolt-Nielsen Gas B.V., a wholly owned subsidiary of Avenir LNG Limited, to build two small-scale LNG carriers.
Certain conditions precedent for the contracts to be effective have not been met, and Keppel Singmarine and Stolt-Nielsen Gas have mutually agreed to let the contracts lapse due to commercial considerations but will continue to explore future opportunities together.
The lapsing of the two contracts will not have any material impact on the net tangible assets and earnings per share of KCL for the financial year ending 31 December 2019.