Keppel acquires Cameron International’s rig business

Keppel acquires Cameron International’s rig business

Singapore’s Keppel Offshore & Marine, via subsidiary, Keppel Offshore & Marine USA, has reached an agreement with Cameron International Corporation to acquire Cameron’s offshore rigs business.

The $100m deal will see Keppel take Cameron’s LETOURNEAU jackup rig designs, its rig kit business, along with associated aftermarket services. Keppel has previously built 16 LETOURNEAU design rigs.

The acquisition will see Keppel offering the new rig designs directly to customer and also via the sale of rig kits to shipyards, including jackup leg components, elevating units/jacking system and cantilever/skidding system. Keppel will also leverage its network of yards worldwide for repairs, upgrades and modifications, as well as special periodic surveys.

Chow Yew Yuen, CEO of Keppel Offshore & Marine, commented, “This is an opportune and strategic acquisition as it will not only broaden our suite of jackup rig design offerings in this highly competitive sector, but also provide us with enhanced capabilities to service customers through the provision of expanded aftermarket sales and services. We are confident that the long-term fundamentals of the offshore rig market remain positive.”

Cameron International Corporation is currently being acquired by Schlumberger in a $14.8bn deal.

 

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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