EIG Names Keppel as Defendant in U.S. Court Case Against Petrobras

Singapore's Keppel Corp. Ltd. reported Thursday that EIG Management Co. and eight of its managed funds (EIG) have added several companies, including the company and its subsidiary Keppel Offshore & Marine Ltd., as defendants to an action commenced by EIG against Petroleo Brasileiro SA in the United States District Court, District of Columbia.

EIG alleged that the defendants participated in an unlawful conspiracy to induce the firm to invest over $221 million in Sete Brasil Participacoes SA.

"Keppel denies these baseless allegations and will vigorously defend the action," the company said in a press release, adding that it will provide further updates as appropriate.

On May 25, Sembcorp Marine Ltd., another Singapore shipyard, issued a statement about the EIG allegations which was mentioned in a media report, saying that they are "entirely without merit and baseless."



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