Keppel FELS reaches agreement over stalled rig project

Keppel FELS has managed to resell a jack-up rig after the original buyer, Parden Holding, failed to pay up and take delivery of a rig ordered back in August 2013.

361 Projects, which is linked to the guarantor of the rig, has purchased the rig, which will now deliver towards the end of this year. Parden had only paid a 20% deposit on the KFELS B class rig when it decided to not pursue payment further.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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