Ezra Holdings, an offshore support and marine services provider, was one such client which has informed Keppel O&M it is reviewing its orderbook of five multi-functional support vessels (MFSV).

The first newbuild contract to come under scrutiny was Ezra's most recent order with Keppel O&M's subsidiary, Keppel Singmarine, valued at $69 million. The order for the vessel was placed in May, with delivery expected in 2010.

Mr Lionel Lee, Ezra's managing director said: 'Just as we have always exercised caution in the past, we are taking a prudent approach by revisiting our capital expenditure plans and exploring our options, even though relevant financing for this vessel has been secured.'

This statement came on the heels of positive financial results released by the group for the full year ended Aug 30.

It had reported a net profit of US$175.4 million, a huge 157 per cent jump year-on-year. Revenue had also increased 87 per cent to US$268.3 million.

'We are positive about our medium-term prospects as enquiries for offshore support vessel charters remain firm. The group will continue to strengthen its financial position, and will focus on consolidating our integrated solutions approach to become Asia's leading offshore support services supplier to the oil and gas sector,' Mr Lee said.

Ezra's subsidiary, Lewek Shipping had also signed a contract for a MFSV with Keppel O&M, and was reviewing it.

Other companies reviewing their contracts with Keppel included Bermuda-based companies Seadrill, a international offshore drilling contractor and Scorpion Offshore, an international jackup drilling rig operator.

The contracts under review included a semi-submersible for Scorpion Offshore and two jackup rigs for Seadrill. Together with Lewek's contract, they were worth a total of $1.2 billion.

Read the full story in Friday's edition of The Straits Times.