Thu, Jul. 21, 7:14 AM
Mon, Apr. 18, 8:13 AM
Thu, Jan. 21, 6:42 PM
- Keppel (OTCPK:KPELF), the world’s biggest builder of oil rigs, says it took a US$160M Q4 charge on delinquent projects connected to the Petrobras (NYSE:PBR) corruption scandal and stopped construction on six rigs for a Brazilian client that is more than a year behind on its bills.
- Sete Brasil, which was formed by and is totally dependent on PBR, also is embroiled in a corruption investigation and is deciding whether to file for bankruptcy protection after plunging oil prices dented demand for its drilling equipment.
- Sete Brasil has not paid Keppel and rival Sembcorp Marine (OTCPK:SMBMF) since November 2014, putting at risk $10.5B of orders placed with the two companies, according to Bloomberg.
Oct. 26, 2015, 8:58 AM
- A final report approved by a Brazilian congressional panel clears Petrobras (NYSE:PBR) of wrongdoing in its corruption investigation, and blames suppliers and rogue employees rather than politicians or the company.
- The report does not criticize any politicians, including those closely associated with PBR, such as Pres. Rousseff, who was chairwoman of the company's board when much of the corruption happened.
- The panel recommends an investigation into 10 foreign companies for possibly paying bribes, including Japan's Kawasaki Heavy Industries (OTCPK:KWHIY), the Brazilian unit of Singaporean oil rig builder Keppel (OTCPK:KPELF), and its Singapore-based rival Sembcorp Marine (OTCPK:SMBMF).
- Separately, Petrobras (PBR) says its board has approved the sale of a 49% stake in its Gaspetro natural gas distribution unit to Mitsui (OTCPK:MITSY) for 1.9B reais ($490M), in another step toward disposing of non-essential assets to repay debt.
- PBR also says it is suspending indefinitely its planned IPO of fuel distribution unit BR Distribuidora.
Feb. 10, 2015, 10:58 AM
- Two major Singapore shipbuilders and three Brazilian companies with Japanese shareholders are accused of paying bribes in the Petrobras (PBR -4.1%) corruption scandal, FT reports, the first time a group of international investors has been linked to the scandal that threatens to drive Brazil’s most important company into bankruptcy.
- A former director of a leasing company in charge of supplying 29 drilling rigs for Petrobras through shipbuilders made the allegations about the companies in testimony to federal police.
- The Singaporean companies, Keppel (OTCPK:KPELF) and Sembcorp Marine (OTCPK:SMBMF), denied making illegal payments.
With a global footprint in over 30 countries, Keppel Corporation leverages its international network, resources and talents to grow its key businesses. It aims to be the Provider of Choice for Solutions to the Offshore & Marine Industries, Sustainable Environment and Urban Living, guided by its... More
Industry: Diversified Investments