Keppel Corp (Keppel)

Keppel O&M associate Floatel to merge with Prosafe to ride long downturn

SINGAPORE (June 4): Floatel International, an associated company of Keppel Offshore & Marine (Keppel O&M) which is part of the Keppel group of companies, has agreed to a merger with Prosafe SE.

Prosafe, listed on the Oslo Stock Exchange, is a leading owner and operator of semi-submersible accommodation vessels (flotels) while Floatel delivers offshore accommodation to clients in the oil and gas industry worldwide.

The proposed merge would create the world’s largest offshore accommodation provider with improved services and geographical presence.

Keppel wins contract for two offshore wind farm substations from Ørsted

SINGAPORE (May 13): Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary Keppel FELS has secured a contract from Danish renewable energy company Ørsted for two offshore wind farm substations worth more than $150 million.

The contract comprises detailed engineering, procurement, construction, testing and commissioning for two offshore wind farm 600MW substations but excludes certain electrical components to be furnished by Ørsted.

Successful conclusion to PPS2 gives outsized returns to investors

SINGAPORE (Apr 29): On April 19, EdgeProp reported that two adjoining eight-storey Grade-A office buildings at 7 and 9 Tampines Grande were sold to a joint venture between Evia Real Estate and Metro Holdings for $395 million. The purchase price translates into $1,373.45 psf, based on net lettable area (NLA). The buildings have a remainder lease of 87 years, and tenants include AIA, Hitachi Asia and BNP Paribas.

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Keppel said to consider Shanghai tower purchase

(Mar 25): An arm of Singapore’s Keppel Corp. is considering buying twin buildings on the banks of Shanghai’s Huangpu River from Dalian Yifang Group Co., people familiar with the matter said.

The property, known as Shanghai Yi Fang Center, could fetch more than 4 billion yuan ($805 million), according to the people. Keppel is discussing the deal through its asset-management unit Keppel Capital Holdings, one of the people said, asking not to be identified because the discussions are private.

Keppel wins US$425 mil repeat order from Awilco for semisub rig

SINGAPORE (Mar 9): Keppel Offshore & Marine (Keppel O&M), through its subsidiary Keppel FELS, has secured an order with Awilco Drilling for the construction of a repeat mid-water semisubmersible drilling rig for harsh environment use, worth about US$425 million ($577 million).

This follows the exercise of an option by Awilco under the earlier contract entered into between Keppel FELS and Awilco for a similar rig. As part of that transaction, Awilco has independent options to order up to another two similar rigs to be exercised in 2020 and 2021 respectively.

SGX shipbuilders could gain from merger of world's 2 largest yards

SINGAPORE (Feb 4): The integration between Korean mega shipbuilders Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering (DSME) spells good news for Singapore-listed shipyards.

That’s because with the consolidation, Sembcorp Marine (SMM), Keppel Offshore & Marine (KEP O&M) and Yangzijiang Shipbuilding will get a chance to gain market share in the O&M and shipbuilding space, said CGS-CIMB Securities in a report last week.

Accept the offer as outlook still looks murky for M1, says OCBC

SINGAPORE (Jan 31): Keppel Corp and Singapore Press Holdings (SPH), through offer vehicle Konnectivity, and together with concert parties and valid acceptances, have amassed a total stake of 34.41% in M1.

A total stake of 50% is needed for the offer to turn unconditional.

The offeror also announced that it does not intend to increase the offer price of $2.06/share under any circumstances and has extended the offer to Feb 18.

This follows on the heels of the IFA’s “fair and reasonable” opinion that has since been published.

Singapore's $1.9 bil telco takeover leaves Axiata in a bind

(Jan 30): Malaysian wireless giant Axiata Group Bhd is caught in a bind as it weighs whether to exit its decade-long investment in Singapore operator M1.

Axiata, M1’s biggest shareholder, has less than three weeks left to decide whether to tender its stock into a takeover offer valuing the target at $1.9 billion. The Malaysian company held a board meeting last week to discuss the merits of the bid from Keppel Corp. and Singapore Press Holdings, according to people with knowledge of the matter.

Keppel Land to co-develop up to $470 mil of residential developments in Jakarta

SINGAPORE (Dec 6): Keppel Land is jointly developing residential projects in Greater Jakarta with an investment value of up to IDR 5 trillion ($470 million).with Indonesian developer PT Metropolitan Land Tbk.

Under the agreement, Keppel Land and Metland will each inject an equal amount of capital for joint residential projects which will be operated and owned by the latter.

Wholly-owned subsidiary, Keppel Land (Indonesia) on Thursday signed a non-binding collaboration agreement with Metland.

Keppel kept at 'buy' despite termination of $165 mil rig contract

SINGAPORE (Nov 21): CGS-CIMB Securities is keeping Keppel Corp at “buy” despite Keppel FELS having entered into a settlement agreement with an unnamed oil and gas services company to terminate a $165 million contract for integration works done on a rig.

According to Keppel, the project was said to be 30% completed and Keppel FELS has been fully compensated.

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