Keppel updates status of Sete Brasil rig orders
Amid the recent concern surrounding Sete Brasil’s numerous rig orders in Brazil, Keppel Offshore & Marine (“Keppel”) has released a statement indicating that at the 31st March 2015, the first three of the six DSS 38E semisubs being constructed for Sete Brasil at the BrasFELS shipyard in Brazil were around 89%, 58% and 32% complete. Keppel indicated that the company has received payments up to November 2014, alongside a 10% down payment for the three units yet to begin construction. Keppel has indicated that it does not expect Sete Brasil to cancel the six units on order at BrasFELS and has spoken to the rig owner to explore the possibility of slowing down construction of the orders until Sete Brasil can secure sufficient financing for the project.