Overview

• Keppel says the amount became payable when Seatrium signed its final agreement with Brazilian authorities related to the probe.
• Seatrium contends the indemnity lapsed on Feb 28, 2025, and that no binding agreements were executed before that date.
• The claims arise from liabilities linked to Operation Car Wash, for which Seatrium disclosed leniency payments of 728.9 million reais earlier this year.
• Seatrium booked a S$82.4 million provision in 2022 for potential payments to Keppel and later reversed it in its 2024 results.
• The arbitration will proceed in Singapore under SIAC rules, and Seatrium says it has engaged legal advisers, will defend the claim, and has urged shareholder caution.