KEPPEL Corp is buying the owner of the established LeTourneau jackup rig designs from Cameron International Corp for US$100 million in cash, the rigbuilder announced early Monday.
Keppel's wholly owned Keppel Offshore & Marine USA, Inc unit will fund the purchase of the offshore rigs business of Cameron with internal working capital.
The acquisition will give Keppel ownership of the LeTourneau suite of jackup rig designs as well as rig kits and support equipment that will allow the group to offer new rigs for customers and also provide aftermarket services, Keppel said. There are about 100 LeTourneau rigs currently operating around the world.
Keppel shares closed at S$7.04 on Friday.