Aqua to merge with Floatel

Keppel has announced that its associated company, Aqua Pellentesque, has entered into an Amalgamation Agreement with Floatel International Ltd.

Offshore staff

SINGAPORE – Keppel has announced that its associated company, Aqua Pellentesque, has entered into an Amalgamation Agreement with Floatel International Ltd.

The agreement paves the way for Keppel, with a current stake of 31.7% in Floatel, and other shareholders of Aqua, to acquire the remaining Floatel shares at a cash consideration price of NOK 19.50 ($3.60) per share.

Choo Chiau Beng, CEO of Keppel, said: "Over the past year, we have gradually increased our stake in Floatel, reaching our current interest of 31.7%. This reflects our growing confidence in the long term prospects of Floatel in its ability to provide high quality floating accommodation semisubmersibles for Brazil and the North Sea. Through this amalgamation, we hope to increase our interest in Floatel, to enable us to play a more active role in growing the company."

08/22/2011

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