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

Offshore

Eni, Exxon, Statoil Win Irish Offshore O&G Licences

The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

Update on Seagull Mobile apps for Crew

The Seagull mobile app for crew training status is set to revolutionise the way seafarers track their training records and receive critical safety alerts, by making

Navy

Video: Catapult Testing on Aircraft Carrier Abraham Lincoln

U.S. shipbuilder Huntington Ingalls Industries’ (HII) Newport News Shipbuilding division has begun testing the updated catapult systems aboard the U.S. Navy aircraft

USS Coronado Completes Survivability Test

The U.S. Navy’s littoral combat ship (LCS) USS Coronado (LCS 4) has completed survivability testing off the coast of California on January 28 in preparation for

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0714 sec (14 req/sec)