Keppel ends management of Baku Shipyard

Keppel has terminated its management services agreement and technical services agreement at Baku Shipyard.

Keppel joined with the State Oil Company of Azerbaijan Republic (SOCAR) and the Azerbaijan Investment Company (AIC) to launch the Azerbaijan shipbuilding and ship repair facility in 2013.

Management of Baku Shipyard has been handed over to SOCAR but Keppel continues to maintain an indirect shareholding interest of 8.5 per cent in the shipyard.

The contract terminations will not have any material impact on the net tangible assets and earnings per share of Keppel for the financial year ending December 31, 2018.