Keppel bins MPU project

Keppel Offshore and Marine has decided to terminate the MPU Heavy Lifter project and started the scrapping of the concrete hull.

After evaluating all possible options, Keppel will end the project, said the company in a statement. Keppel has secured the necessary rights and endorsements from third parties to dismantle and dispose of the concrete hull which has no commercial value. Dismantling work on the unit is expected to start in January and will be completed in about three months. The matter is not expected to have any material impact on the net tangible assets or earnings per share of Keppel Corporation in the financial years ending 2008 and 2009. The project, the construction of a heavy lifter for decommissioning work, was contracted with MPU Offshore Lift in December 2006 at €140 million ($191 million). Keppel stopped work on the project after MPU filed for bankruptcy in July.

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