The contract was worth about US$425 million ($567.0 million). Keppel FELS had issued a notice of termination in June 2022 to Awilco for such default in payment.
The rig was transferred to Asset Co as part of the transaction prior to the merger between SembMarine and Keppel Offshore & Marine (Keppel O&M).
The outcome of the arbitration is not expected to have any material impact on SembMarine’s net tangible assets (NTA) or earnings per share (EPS) in FY2023.
Shares in SembMarine closed flat at 12.3 cents on April 21.
