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Keppel Group Buys Rig Units






September 5th,  2015




Keppel Offshore & Marine USA(KOM), subsidiary of Singapore’s Keppel Corporation, said it is going to acquire Cameron’s LETOURNEAU rig design and rig kit business for an aggregate cash consideration of USD 100 million.



The book value and net tangible asset value of the two LETOURNEAU business units as at June 30 2015, were approximately USD 87 million and USD 63 million respectively. Upon completion of the transaction, KOM USA will hold a 100 percent equity interest of the company.



The two units will be acquired through the purchase of Cameron’s 100 percent equity interest. The foregoing transaction is not expected to have any material impact on the net tangible assets and earnings per share of the company for the current financial year. The cash consideration will be financed through internal working capital Keppel said in a statement.



Earlier in May this year, Keppel Infrastructure Trust raised SGD 525 million through a private equity placement and preferential offering of units KIT- it sold 792.6 million new units via a placement to investors at SGD 0.52 a unit.


Keppel DC Reit acquired data centre Intellicentre 2 (IC2) in Sydney from Macquarie Telecom (MT) for AUD 43.3 million early in the year.



Keppel Corp is a Singaporean company that specialises in marine, property and infrastructure businesses. It is one of the world's largest builders of offshore oil rigs. The property development arm of Keppel Group, Keppel Land, owns the Ocean Financial Center in Singapore.






By Staff Writer, APMR News

Article  Published on : September 5,  2015

Article  Last Updated : September 6,  2015



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Ocean Financial Center in Singapore

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