Keppel Offshore & Marine Ltd has acquired Verolme Botlek, a Dutch offshore repair and conversion shipyard, for $38.3 million. The purchase price does not include the land and drydocks, which are leased from the Rotterdam Port Authority. The acquisition is not expected to have any significant impact on Keppel Corp.'s earnings and NTA for the year ended 31 December 2002. Now wholly-owned by Keppel O&M, the yard will take on the Keppel brand under the name of Keppel Verolme BV.
"We want to grow Keppel Verolme as the premier yard for the offshore and marine industry in Europe, particularly offering services to the North Sea and West African markets," said Tong Chong Heong, managing director and COO of Keppel Offshore & Marine Ltd.
The yard recently won a contract from Van Oord ACZ to convert a bulk carrier into a flexible fall pipe vessel. The yard covers 54 hectares in Rotterdam's Botlek area. Including Keppel Verolme, Keppel will now have 15 yards in USA, Brazil, Azerbaijan, Philippines, UAE, Norway, Netherlands and Singapore.
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