Keppel says Stolt-Nielsen LNG carrier contracts have lapsed

Singapore five-dollar note Photo by Leslie Shaffer

Keppel Corp. said on Friday that its wholly owned subsidiary Keppel Singmarine’s contracts with Stolt-Nielsen Gas to build two small-scale LNG carriers have lapsed.

“Certain conditions precedent for the contracts to be effective have not been met, and Keppel Singmarine and Stolt-Nielsen Gas have mutually agreed to let the contracts lapse due to commercial considerations but will continue to explore future opportunities together,” Keppel said in a filing to SGX after the market close on Friday.

Keppel had announced in October that it received the contracts for two additional small-scale LNG carriers worth a total of around S$105 million.

That was after Stolt-Nielsen Gas exercised its two out of three of its options in the original contract, signed in May 2017, to build two LNG carriers, it said. The first option lapsed in November 2017, with the remaining two now exercised, it said.

Stolt-Nielsen Gas is a wholly owned subsidiary of Avenir LNG.



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