Keppel O&M to sell Dutch shipyard to Damen Shipyards Group

KEPPEL Offshore & Marine (Keppel O&M) has inked a term sheet agreement for the proposed sale of its Rotterdam-based shipyard, Keppel Verolme, to Dutch firm Damen Shipyards Group following a strategic review.

The proposed sale is in line with the company's efforts to optimise its operations and rationalise its global network of yards, said Keppel Corp in an announcement to the Singapore Exchange.

Damen intends to continue activities in the shipyard with the yard's current employees of about 250.

Keppel O&M continues to see opportunities in the offshore oil and gas market in Europe and the North Sea, and will service these markets through its network of yards in Singapore and globally, said the group in the statement.

A notification of the proposed transaction has been filed with the Dutch Authority for Consumers & Markets on April 10.