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

Offshore

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

Navy

Russian Sub 'Stary Oskol' Enters Black Sea

Russia’s Stary Oskol submarine, the third boat in Project 636.3 series for the Black Sea Fleet, on a voyage to its permanent base has passed the Bosporus and Dardanelles straits,

Future LCS Charleston’s Keel Authenticated

A ceremony was hosted to celebrate the keel authentication of the U.S. Navy's future USS Charleston (LCS 18), the ninth Independence variant littoral combat ship, June 28.

This Day In Naval History: June 29

1860 - The steamer USS Mystic, commanded by William E. LeRoy, captures the slaver, Thomas Achorn at Kabenda, Africa and send her to New York.    1862 - During the Civil War,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0832 sec (12 req/sec)