MERGERS and acquisitions were in the news before the market's opening on Monday.
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.
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