Keppel denies allegations by US investment firm in Petrobras lawsuit

View of the Keppel FELS shipyard.
View of the Keppel FELS shipyard. PHOTO: KEPPEL CORPORATION LIMITED

SINGAPORE - Keppel Corporation denied all allegations raised in a lawsuit filed by US-based investment company EIG Management against Brazil state oil giant Petrobras in a filing to the Singapore Exchange on Thusrday (June 2).

EIG Management and eight of its managed funds (EIG) have added several companies, including Keppel Corp and Keppel Offshore & Marine, as defendants to an action that EIG commenced against Petrobras in the US District Court of Columbia.

EIG alleged that the defendants participated in an unlawful conspiracy in which it was induced to invest over US$221 million in Petrobras' rig supplier Sete Brasil.

Keppel said it "denies these baseless allegations and will vigorously defend the action."

Sete Brasil, which was one of Keppel's largest customers, recently declared bankruptcy.