Keppel's Floatel associate in merger deal with Prosafe to create offshore housing giant

Singapore

KEPPEL Corp associate company Floatel International is merging with Oslo-listed Prosafe to create the world's largest offshore accommodation company.

FELS Offshore, a wholly owned subsidiary of Keppel's Offshore & Marine unit, currently owns a 49.92 per cent stake in Floatel.

Under the proposed deal, Prosafe will acquire all of Floatel's outstanding shares and warrants in exchange for new Prosafe share…