Keppel Corporation Limited refers to its announcement on 2 August 2013 on the construction contract entered between Keppel FELS Limited , a wholly-owned subsidiary of Keppel Offshore & Marine Limited , and Parden Holding S.R.L. for the construction of a KFELS B Class jackup rig . Following Parden's failure to take delivery of the Jackup Rig and make payment for the balance 80% of the contract value, among others, KFELS has today, following discussion with the guarantor of Parden's obligations under the construction contract, entered into a Settlement Agreement with the guarantor.