Keppel O&M to exit offshore rig building

Singapore’s Keppel Corporation today reported a SGD 506 million (about $381 million) net loss for FY 2020 after taking impairments of SGD 952 million (about US$761 million) mainly due to the offshore

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MAN Energy Solutions lowers job cut target

The executive board and employee representatives of MAN Energy Solutions have agreed on a joint paper outlining the key points of the restructuring of the company announced July 22. The new plan

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MAN Energy Solutions to make massive job cuts

Preparing for “a prolonged period of stagnant sales as a result of the COVID-19 pandemic,” the executive board of MAN Energy Solutions is launching what it calls a comprehensive program to ensure

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Royal IHC to be refinanced and have new ownership

Dutch shipbuilder Royal IHC, long a leader in dredge design and construction and other areas, is to be refinanced and come under new ownership. An outline agreement on the acquisition and refinancing

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Rolls-Royce eliminates a senior management layer

DECEMBER 16, 2015— Warren East, who became Chief Executive of Rolls-Royce in July, has started the restructuring that he promised in November, after completing a review of the company’s operations. As a

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Bank wants Mercator put under judicial manager

In a stock exchange filing today, however, Mercator said that on September 10 creditor HSH Nordbank AG Singapore Branch filed an application with the Singapore High Court to have the company be placed under the judicial management of a judicial manager and that the hearing on that application is fixed for September 29.

Mercator says its board and management believe that the appointment of a judicial manager is not in the interests of the company, its creditors and its shareholders and that it intends to oppose application.

It has filed an application with the court for leave “to convene meetings of creditors no later than 4 months from the date of the application for the purposes of considering and, if thought fit, approving with or without modification a scheme of arrangement under section 210 of the Companies Act (Chapter 50) and for a stay of proceedings against the Company.”