Keppel completes US$100m acquisition of LeTourneau

Singapore

KEPPEL Offshore & Marine has completed the US$100 million acquisition of Cameron International Corporation's offshore product division, which comprises the LeTourneau jack-up rig designs, rig kit business, as well as its aftersales and aftermarket services.

This now gives Keppel the biggest share of jack-up rigs in the market built to its designs, and is said to be part of its strategy to invest in building new capabilities while the market is down. The acquisition was made through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc.