More deferrals for Keppel Corp.
Golar [GLNG US] in its 4Q15 earnings call announced deferral for the notice to proceed on its Gimi and Gandria project start dates.
- The new start date is now "end 2016".
- Previously, Gimi was slated to start no later than Nov-15, while Gandria was slated to receive notice to start "in 2016".
To recap, Keppel secured 3 FLNG orders from Golar over 2014 and 2015, collectively worth US$2.1b. In summary:
1) Hilli (US$735m) - No change to schedule. Remains on track for 2017 delivery
2) Gimi (US$705m) - notice to proceed deferred from Nov-15 to end 2016
3) Gandria (US$684m) - notice to proceed deferred from "in 2016" to end 2016
-ve Keppel Corp