Keppel Scraps MPU Heavy Lifter Project

Further to the announcement on July 1, 2008, Keppel Verolme BV, a wholly owned subsidiary of Keppel Offshore and Marine Limited, has decided, after evaluating all possible options, to terminate the MPU Heavy Lifter project and commence the scrapping process of the concrete hull.

Keppel Verolme has secured the necessary rights and endorsements from third parties to dismantle and dispose of the concrete hull which has no commercial value. This will release the drydock and other valuable resources for Keppel Verolme.

Dismantling works on the unit is expected to commence in January 2009 and will be completed in about three months.

The matter is not expected to have any material impact on the net tangible assets or earnings per share of Keppel Corporation Limited in the financial years ending 2008 and 2009.

The aforesaid project was contracted with MPU Offshore Lift ASA in December 2006 at EUR 140 million for the construction of a floating heavy lifter (with a concrete hull) for the decommissioning of offshore structures. Keppel Verolme ceased work on the project after MPU Offshore Lift filed for bankruptcy in July 2008.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
US, Zanesville, OH: Associate Electronic Technician - Electronic Technician
Expertise: Electrical Technician
Location: Zanesville, OH
United States Duncan: Design Drafter, Mechanical - Sr. Mechanical Designer
Expertise: Mechanic
Location: Duncan, OK
Senior Fleet Regulatory Compliance Consultant Job
Expertise: HSE Manager / Advisor|QA / QC / Inspection|Regulatory Compliance
Location: Denver, CO
search for more jobs

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours