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KEPPEL AND STOLT-NIELSEN GAS CANCEL LNG CARRIER CONTRACTS

Friday, April 12, 2019 

Keppel Corporation Limited (KCL) has said that recent contracts signed by its subsidiary Keppel Singmarine with Stolt-Nielsen for two LNG vessels have now been abandoned.

In October 2018 KCL announced that Keppel Singmarine had entered into to contracts with Stolt-Nielsen Gas, a wholly owned subsidiary of Avenir LNG, to build two small-scale LNG carriers. KCL now says that certain conditions precedent for the contracts to be effective have not been met, and Keppel Singmarine and Stolt-Nielsen Gas have, according to a statement issued by KCJ, “mutually agreed to let the contracts lapse due to commercial considerations”.

The two companies say they will continue to explore future opportunities together. The lapsing of the two contracts will not have any material impact on the net assets and share earnings of KCL for the current financial year.

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