Singapore’s Keppel said that the contract cancellation is due to the owner’s difficulties in securing project financing as a result of the current tight credit situation. The shipbuilding deal was contracted to Keppel Singmarine at S$181 million (US$123 million) in July 2008 and the project is in the early stages of execution. Keppel Singmarine has received a milestone payment for the project which covers costs incurred as well as the expected loss of profit.
Monday, May 4, 2009
GSP Titan cans Keppel contract
GSP Titan has cancelled a contract with Keppel Offshore & Marine offshoot Keppel Singmarine for a DP3 multi-purpose vessel.
Singapore’s Keppel said that the contract cancellation is due to the owner’s difficulties in securing project financing as a result of the current tight credit situation. The shipbuilding deal was contracted to Keppel Singmarine at S$181 million (US$123 million) in July 2008 and the project is in the early stages of execution. Keppel Singmarine has received a milestone payment for the project which covers costs incurred as well as the expected loss of profit.Read More
Singapore’s Keppel said that the contract cancellation is due to the owner’s difficulties in securing project financing as a result of the current tight credit situation. The shipbuilding deal was contracted to Keppel Singmarine at S$181 million (US$123 million) in July 2008 and the project is in the early stages of execution. Keppel Singmarine has received a milestone payment for the project which covers costs incurred as well as the expected loss of profit.
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