May 4 - Keppel Corp, parent company of Keppel Singmarine, has received notice to terminate work on a USD122 million multipurpose offshore drilling vessel from the contracting oil group GSP Titan Ltd.

According to a statement made by Keppel, the cancellation was "due to the owner's difficulties in securing project financing as a result of the current tight credit situation." 

Contracted in late July 2008, the shipbuilding project was in its early stages and HLPFI understands that Keppel Singmarine has received payment covering costs incurred as well as the expected loss of profit.

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