Singapore’s Keppel Offshore and Marine Limited, said it has decided to terminate the MPU heavy lifter project and start the scrapping process of the concrete hull.

The company said it chose this course after evaluating all possible options on the cancelled 140-million euro order. (US$1=0.71 euro).

MPU Offshore Lift ASA had ordered the construction of the floating heavy lifter with a concrete hull in December 2006.

Keppel Verolme said it ceased work on the project after MPU Offshore Lift filed for bankruptcy in July 2008.

Keppel Verolme has secured all rights and endorsements from third parties to dismantle and dispose of the concrete hull which has no commercial value. This will release the drydock and other valuable resources for other work.

It will begin dismantling works next month, and complete it in about three months.