Keppel FELS and Naftogaz have signed the conditional contract worth approximately $1.2bn on 4 December 2012.
“We wish to announce that the contract will not be taking effect as certain conditions within the timeline set were not met,” Singapore-listed Keppel Corp said in a statement.
“Keppel will continue to seek opportunities where we can support Naftogaz in their E&P activities,” it added.
The two semi-submersible drilling rigs were designed for the harsh weather conditions in the Black Sea.
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