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Keppel loses rig contract

Keppel loses rig contract

Singapore: Keppel Corp., the world's largest maker of oil rigs, received notice to cancel work on a S$181 million ($122 million) multipurpose offshore drilling vessel from the contracting oil group GSP Titan Ltd.

The cancellation was "due to the owner's difficulties in securing project financing as a result of the current credit situation," Keppel said late Friday in a statement to the Singapore stock exchange.

Contracted to unit Keppel Singmarine Pte in late July 2008, the shipbuilding project was in its early stages, the statement said. Keppel Singmarine has received payment covering costs incurred as well as the expected loss of profit, it said. [04/05/09]