Keppel scraps MPU Heavy Lifter project

Keppel Verolme has decided to terminate the MPU Heavy Lifter project.

Offshore staff

SINGAPORE -- Keppel Verolme has decided to terminate the MPU Heavy Lifter project.

Keppel Verolme has secured the necessary rights and endorsements from third parties to dismantle and dispose of the concrete hull, which has no commercial value. This will release the drydock and other valuable resources for Keppel Verolme.

Dismantling works on the unit are expected to begin in January 2009 and will be completed in about three months.

The project was contracted with MPU Offshore Lift ASA in December 2006 at $194 million for the construction of a floating heavy lifter (with a concrete hull) for the decommissioning of offshore structures. Keppel Verolme ceased work on the project after MPU Offshore Lift filed for bankruptcy in July 2008.

12/16/2008

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