Keppel O&M Increases Stake in FELS Setal
Keppel FELS
Keppel Offshore & Marine Ltd (Keppel O&M), the wholly owned subsidiary of Keppel Corporation Limited, has acquired from the PEM Setal Group 22.75% interest in FELS Setal S.A.
With the acquisition, Keppel O&M's shareholding in FELS Setal increases from 60% to 82.75%.
The cash consideration for the purchase is US$9 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.
Mr. Augusto Mendonca, President of PEM Setal said, "We are in the midst of restructuring the PEM Setal Group and we are pleased to have an extremely supportive partner in Keppel O&M.
"We look forward to continue working with Keppel O&M to make FELS Setal even more successful."
Mr. Tong Chong Heong, Managing Director & Chief Operating Officer of Keppel O&M, said, "The growth of FELS Setal is very important to all stakeholders in revitalizing the offshore and marine industry in Brazil and the creation of jobs. Keppel is committed to this."
Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialized shipbuilder. Its near market, near customer strategy is boosted by its global network of 16 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.
FELS Setal, the Brazilian subsidiary of Keppel O&M, is the industry leader in Brazil with the best-equipped offshore yard in South America. The company is currently involved in the construction of the P-51 and P-52 semi-submersible platforms for Petrobras SA, Brazil's national oil company.
The book value and net asset value of the sale shares as at 31 Dec 2003 was US$2.3 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.
With the acquisition, Keppel O&M's shareholding in FELS Setal increases from 60% to 82.75%.
The cash consideration for the purchase is US$9 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.
Mr. Augusto Mendonca, President of PEM Setal said, "We are in the midst of restructuring the PEM Setal Group and we are pleased to have an extremely supportive partner in Keppel O&M.
"We look forward to continue working with Keppel O&M to make FELS Setal even more successful."
Mr. Tong Chong Heong, Managing Director & Chief Operating Officer of Keppel O&M, said, "The growth of FELS Setal is very important to all stakeholders in revitalizing the offshore and marine industry in Brazil and the creation of jobs. Keppel is committed to this."
Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialized shipbuilder. Its near market, near customer strategy is boosted by its global network of 16 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.
FELS Setal, the Brazilian subsidiary of Keppel O&M, is the industry leader in Brazil with the best-equipped offshore yard in South America. The company is currently involved in the construction of the P-51 and P-52 semi-submersible platforms for Petrobras SA, Brazil's national oil company.
The book value and net asset value of the sale shares as at 31 Dec 2003 was US$2.3 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.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension