Singapore Blue Chip Stock Analysis Reports: Possible bankruptcy of Keppel FELS Customer

Wednesday, June 3, 2009

Possible bankruptcy of Keppel FELS Customer

Skeie Drilling & Production ASA is currently constructing 3 large N-Class Jack-Up offshore drilling rigs suited for operations on the Norwegian Continental Shelf at Keppel FELS shipyard in Singapore.

On 17 April 2009, SKDP annouced a re-structuring proposal. On 4 June, a USD 40m miltstone payment on Rig 3 is due, and SKDP will not be able to make this payment as the amount is.

SKPD believes a bankruptcy filing is detrimental to both shreholder and bondholder values.

The construction of the three harsh environment jack-up rigs at Keppel FELS Shipyard in Singapore is progressing according to schedule according to http://www.skeiedrilling.com/.

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Singapore Blue Chip Stock Analysis Reports

Wednesday, June 3, 2009

Possible bankruptcy of Keppel FELS Customer

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