SINGAPORE - Keppel Corporation on Monday said that associate company Floatel International will conduct an independent review of its business plan, which may include a review and update of the assumptions used in the impairment assessment of its vessels.
Prosafe's assumptions were"significantly different" from Floatel's assumptions, which led to the company recognising an impairment of US$30.3 million to the book value of its vessels. In light of Prosafe's first-quarter results, Keppel requested Floatel to perform the independent review of the assumptions used in conducting its impairment assessment, with a focus on the reasonableness of market outlook assumptions and the parameters used in the valuation of its vessels.
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