Keppel Offshore & Marine indicted with over $1.1b in US for investment loss

The company's US counsel believes it has 'very good defences'.

Keppel Corporation reported that its offshore and marine subsidiary, Keppel Offshore & Marine (KOM), received a lawsuit in the United States with a claim worth $1.1b (US$819.85m) with interest over the loss of investment.

EIG Energy Fund XIV, the plaintiff, has sought $442.22m in punitive damages and $156.52m as pre-judgment interest in the US District Court for the Southern District of New York. KOM's US counsel believes it has "very good defences" to the claim, Keppel said in an update to the Singapore Exchange on 25 October.

The court has not fixed a date for the hearing, and the relevant legal documents for the application are due on 2 November.