Keppel Limited

[dydx]

Floatel - standstill extension till 15 Sep 2020
The payment agreement with the Lenders, where certain expenses in respect of Floatel Endurance and the banks' collateral companies are covered by proceeds in the blocked accounts, has lapsed in accordance with its terms. Constructive discussions continue with the Lenders on an extension. 
https://links.sgx.com/FileOpen/KCL%20-%2...eID=630070


Stay home and stay safe, everyone.

Floatel International's fleet of 5 harsh environment accommodation semi-sub rigs (designed and built by Keppel O&M Division) are supposed to keep people who work and live on them safe and comfy. But now financially Floatel International (listed on Oslo Stock Exchange; Keppel's equity interest is 50%) is like half sinking! As at 31Dec19, Keppel's total exposure to Floatel International was a huge $476.87m (comprising $321.45m in equity/pref shares, and $155.42m in L-T receivables), on which $228.0m has been impaired in 1Q/2Q-FY20. This is terrible, and very Jialat!