Keppel Corp., the world’s biggest builder of oil rigs, said it stopped work in the fourth quarter on projects for a Brazilian client that is more than a year behind on its bills, and took a S$230 million ($160 million) charge on the delinquent projects.
Sete Brasil Participacoes SA, Keppel’s Brazilian client, is set to discuss later Thursday whether the company should file for bankruptcy protection after plunging oil prices dented demand for its drilling equipment. Construction work on four semi-submersibles ordered by Sete Brasil, which is also embroiled in a corruption probe, progressed by less than 4 percent per quarter last year, Singapore-based Keppel said in a statement Thursday.
Brazil Energy Insight 
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