Keppel Limited

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22 June 2020 Start of arbitration with AWILCO Keppel
https://links.sgx.com/FileOpen/KCL%20Ann...eID=619976

Since 9th June 2020 announcement wrt AWILCO purporting to terminate the contract, AWILCO has given further notice to terminate and exercising its right for the return of payments already made.

Keppel rejected AWILCO termination.

Since AWILCO failed to pay the installment due 9th June 2020, it will be dealt as default and according to contract, this will entitle Keppel to terminate the contract and retain all payments received.
Keppel had issued a notice of termination to AWILCO and commenced arbitration to enforce its rights against AWILCO.

Stay tune...

Stay home and stay healthy, valuebuddies.

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25 June 2020 Intention to sell Sale of Securities in Keppel
https://links.sgx.com/FileOpen/FFMC%20An...eID=620630

2.1 The Securities Industry Council of Singapore (“SIC”) has granted its consent to FFMC to sell the securities in Keppel for the account of discretionary investment clients as set out below subject to the condition set out in Rule 11.2(a)(ii) of the Code that at least 24 hours’ advance notice of the intention to sell has been given by public announcement.

Wear mask and keep your distance when going out, valuebuddies.

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24 June 2020 $700m loan Keppel
https://links.sgx.com/FileOpen/20200624_...eID=620325

Keppel Infrastructure Trust (“KIT”) and Keppel Energy Pte. Ltd. (“KE”), through a joint venture, have secured a 7-year S$700 million sustainability-linked loan from DBS Bank and OCBC Bank for its jointly owned gas-fired co-generation plant, Keppel Merlimau Cogen
Plant.
One of the largest sustainability-linked loansin Singapore, the transaction also marks KIT and KE’s maiden sustainability-linked loan and is the first such loan for Singapore’s energy sector to date.

The loan is linked to carbon emission targets for Keppel Merlimau Cogen Plant. These targets include benchmarking of the plant’s carbon emissions intensity against national indices, as well as demonstrating continuous improvement in the plant’s carbon emissions intensity. If these pre-set targets are met, the interest rate on the facility will be subsequently reduced on a tiered basis. 

Wear mask and keep your distance when going out, valuebuddies.

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29 June 2020 Minutes of eAGM Keppel on 2nd June@3pm
https://links.sgx.com/FileOpen/Minutes%2...eID=621395
Noting the effect of COVID-19 on the global economy, CEO said that the Company and its subsidiaries (the “Group”) were not directly involved in the sectors most severely impacted by COVID-19, with many of its businesses providing essential services and therefore were able to continue operations during the circuit breaker in Singapore. Nevertheless, with the plunge in global economic activity, lockdowns and disruptions to the workforce and supply chains, businesses were inevitably affected. 

Wear mask and keep your distance, everyone.

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30 June 2020 KrisEnergy USD177m outstanding principal under DBS Revolving Credit Facility (RCF)
extension to 31 Dec 2020
https://links.sgx.com/FileOpen/KCL%20Ann...eID=622038

Key economic risk in RCF, held by Keppel
https://links.sgx.com/FileOpen/KrisEnerg...eID=622036

Wear mask and keep your distance, everyone.

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1 July 2020 UPDATE REGARDING STANDSTILL EXTENSION AND DISCUSSIONS WITH SECURED FINANCIAL CREDITORS
https://links.sgx.com/FileOpen/KCL%20-%2...eID=622186

The Company is the Issuer under the 9 % senior secured USD 400,000,000 1st Lien bonds 2018/2024 with ISIN NO001 0833775 (the "1L Bonds") and the 12.75 % USD75,000,000 2nd Lien bonds 2018/2024 with ISIN NO001 0833783 (the "2L Bonds" and together with the 1L Bonds, the “Bonds”). The Company is also the borrower under a USD 150,000,000 term loan facility (the “Bank Vessel Facility”) and under revolving credit facilities for an undrawn total amount of USD 100,000,000 (the “RCFs”, together with the Bonds and the Bank Vessel Facility, the “Finance Documents”).
The Company remains in constructive negotiations with all lenders under the Bank Vessel Facility and the RCFs (the “Lenders”), the ad hoc committee of holders of the 1L Bonds (the “AHC”) and certain holders of the 2L Bonds. On 14 April 2020 the Company entered into a forbearance and deferral agreement with the AHC (“Forbearance Agreement”), including conditions and undertakings typical for such arrangements, in relation
to payments of 
(i) amortisation, interest and commitment fees due under the Bank Vessel Facility and RCFs and 
(ii) coupon payments due under the Bonds. The Forbearance Agreement has been extended until 31 July 2020.

As part of the discussions with the Lenders under the Bank Vessel Facility, the Company and the Lenders have agreed terms such that certain expenses related to the Endurance and the banks collateral are covered (subject to compliance with certain agreed ongoing conditions) by proceeds in the blocked accounts. 

The Group’s vessels and business continue to operate as normal. 

Wear mask and keep your distance, everyone.

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2 July 2020 Keppel Groups 1H2020 Results

First Half of 2020
• Keppel REIT on 20 July 2020
• Keppel DC REIT on 21 July 2020
• Keppel Pacific Oak US REIT on 22 July 2020
• Keppel Corporation Limited on 30 July 2020

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8 July 2020 KrisEnergy extend the completion date of the Restructuring from 15 July 2020 to 30 September 2020
https://links.sgx.com/FileOpen/Keppel%20...eID=623136

15 July 2020 was a mandatory prepayment event under the CBA Loan Facility Agreement. To facilitate a consensual restructuring and to support KrisEnergy's management whilst they discuss and obtain feedback from stakeholders on the Restructuring, the Lender has entered into an agreement with the Borrowers to extend the completion date of the Restructuring from 15 July 2020 to 30 September 2020. 

Wear mask and keep your social distance, everyone.

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13 July 2020 Corrigendum from KrisEnergy
https://links.sgx.com/FileOpen/Corrigend...eID=623434

“In April 2020, we entered into a credit facility agreement with Kepinvest Singapore Pte. Ltd., a subsidiary of Keppel Corporation Ltd (“Keppel”), for up to US$87 million to finance the first phase of the Apsara oil development in Cambodia Block A. As Keppel holds an approximate 40% equity interest in KrisEnergy, the loan facility is deemed an Interested Person Transaction under the Singapore Listing Manual and therefore we will convene an extraordinary general meeting (“EGM”), in order to obtain shareholder approval. Details of the EGM will be provided at a later date.”

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24 July 2020 Profit warning Kepple
https://links.sgx.com/FileOpen/KCL%20Ann...eID=624849

The Group has carried out a review to assess the assumptions used in the assessment of the carrying values of certain assets of the Group including the recoverability of contract assets, receivable balances and stocks under work-in-progress in relation to the Offshore & Marine (O&M) business, and investments in associated companies. Amidst the highly volatile environment and low oil prices, oil majors are curtailing exploration and production spending, which has adversely impacted day-rates and utilization rates of the O&M industry generally and the Group’s O&M business more specifically. Arising from this assessment, the Company would like to announce that there will be material impairments recognised in its 2Q 2020 financial results pertaining mainly to the O&M business, and the Group’s financial results will be significantly and adversely impacted for 2Q 2020 and 1H 2020. 

Wear mask and keep your social distance, everyone.