Keppel O&M Completes Acquisition

Tuesday, January 04, 2005
Keppel Offshore & Marine Ltd (Keppel O&M), the wholly owned subsidiary of Keppel Corporation Limited, has acquired from the PEM Setal Group the latter’s entire 17.25% interest in FELS Setal S.A.

The cash consideration for the purchase is US$5 million. This was arrived at on a willing buyer and willing seller basis taking into account the net assets of the company and existing contracts.

With the acquisition, FELS Setal will become a wholly owned subsidiary of Keppel O&M, and will be renamed Keppel FELS Brazil SA.

The sale by PEM Setal is due to PEM Setal’s restructuring programme for its group of companies.

Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialised shipbuilder. Its subsidiary is the industry leader in Brazil and operates the best-equipped offshore yard in South America.

The book value and net asset value of the sale shares as at 31 Dec 2003 was US$1.74 million.

The transaction is not expected to have any material impact on the earnings per KCL share and net tangible assets per KCL share for the financial year 2005.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

China Asks U.S. to Support Resumption of Talks with Philippines

China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea,

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Navy

U.S. Backs S. China Sea Bilateral Talks

U.S. Secretary of State Kerry says backs bilateral talks; Philippines says dispute does not involve United States. U.S. Secretary of State John Kerry said on

Piracy Drops to 21-year Low, IMB Reports

Piracy and armed robbery at sea has fallen to its lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a new report from the

New Details Emerge on Loss of USS Indianapolis

A Naval History and Heritage Command (NHHC) historian has recently uncovered information that sheds new light on the loss of the World War II cruiser USS Indianapolis (CA 35).

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0692 sec (14 req/sec)