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Keppel junks deal to manage TQS shipyard
It cited the downturn in the offshore and marine business.
Keppel FELS Offshore (FELS) is no longer poised to manage Titan Quanzhou Shipyard’s (TQS) shipyard after it terminated the management services agreement (MSA) with Titan Petrochemicals Group (Titan).
According to an announcement, the MSA was terminated in view of “the current market conditions and operational requirements of the partners.” However, both Keppel and Titan agreed to explore potential future collaboration as and when market conditions improve.
The MSA was announced on 9 April 2014 and became effective on 15 July 2016. Titan has held back its investment to reactivate TQS “as a result of the downturn in the offshore and marine business.”
Also read: Keppel's rig franchise to China still lacks 'proper management team'
FELS has also not formally commenced the provision of management services under the MSA.
Had the agreement pushed through, the yard could have been managed by Keppel O&M and could have undertaken projects using Keppel’s proprietary designs.
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