A wholly-owned subsidiary of Keppel Corp's Keppel Offshore & Marine's (Keppel O&M) has acquired the offshore rig business of US-based Cameron International Corp for US$100 million ($140.9 million).
Under a stock and asset purchase agreement signed with Cameron on Aug 27, Keppel Offshore & Marine USA, Inc. (KOM USA) acquired the LETOURNEAUTM jackup rig designs, rig kit business, and aftermarket services of the former.
Under the agreement, a new subsidiary known as "NewCo" will be 100%-owned KOM USA, which houses the offshore rig business.
Keppel O&M says the LETOURNEAU suite of jackup rig designs are "established" designs that have been popular with certain market segments and have a proven track record of operating in a variety of environments.
These include the LETOURNEAU Super 116E, WORKHORSE, Super Gorilla XL and Jaguar that will add to Keppel’s offerings in the jackup rig market.
The completion of the acquisition is subject to the fulfilment of certain conditions precedent, including relevant approvals from regulatory authorities.
Shares of Keppel O&M ended higher at $7.04 last Friday, up 8 cents or 1.2%.
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Under a stock and asset purchase agreement signed with Cameron on Aug 27, Keppel Offshore & Marine USA, Inc. (KOM USA) acquired the LETOURNEAUTM jackup rig designs, rig kit business, and aftermarket services of the former.
Under the agreement, a new subsidiary known as "NewCo" will be 100%-owned KOM USA, which houses the offshore rig business.
Keppel O&M says the LETOURNEAU suite of jackup rig designs are "established" designs that have been popular with certain market segments and have a proven track record of operating in a variety of environments.
These include the LETOURNEAU Super 116E, WORKHORSE, Super Gorilla XL and Jaguar that will add to Keppel’s offerings in the jackup rig market.
The completion of the acquisition is subject to the fulfilment of certain conditions precedent, including relevant approvals from regulatory authorities.
Shares of Keppel O&M ended higher at $7.04 last Friday, up 8 cents or 1.2%.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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