Keppel Terminates MPU Heavy Lifter Project

Wednesday, December 17, 2008

Further to the announcement on 1 July 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 $197m 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.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

Navy to Commission Submarine North Dakota

The Navy will commission its newest attack submarine North Dakota, during a ceremony Saturday, Oct. 25, 2014, at Submarine Base New London in Groton, Connecticut.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0970 sec (10 req/sec)