Keppel Corporation Limited on Wednesday (21 July) released a statement regarding a request for arbitration from a counterparty. Details of the development are as follows:
RECEIPT OF REQUEST FOR ARBITRATION
Keppel Corporation Limited (the “Company”) wishes to inform that two of Keppel Offshore and Marine Limited’s wholly-owned subsidiaries (the “Respondents”) have received a request for arbitration from the counterparty (the “Claimant”) to two engineering, procurement and construction contracts relating to Floating Production Storage and Offloading units (“EPC Contracts”).
The Claimant has withheld a total of approximately US$11.3 million due to the Respondents under the EPC Contracts and has claimed a further payment from the Respondents of approximately US$31.2 million, on the basis that the Claimant is allegedly entitled to a price reduction under the EPC Contracts (the “Claim”).
The Respondents, in consultation with legal advisors, deny the Claimant’s alleged right to such price reductions and vehemently challenge the Claimant’s right to withhold payments due to the Respondents as well as its supposed right to claim such price reductions.
The Respondents intend to vigorously defend the Claim and in addition, seek remedies, including counterclaims for the sums unduly withheld by the Claimant, against the Claimant to the fullest extent under the EPC Contracts and at law.
The Company will provide updates on material developments on this matter as appropriate.
Photo credit: Drew Beamer
Published: 29 July, 2021
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