Keppel snaps up Cameron's offshore rigs segment for $140m

It will own the LeTourneau suite of jackup rig designs.

Keppel Offshore and Marine has inked a deal with Cameron, a US-based oil and gas solutions provider, to acquire its offshore rigs business for $140m (US$100m).

This segment is made up of Cameron's proprietary LeTourneau jack up rigs designs, its rig kit business, and aftermarket services.

The LeTourneau jack up rigs designs have been popular with certain market segments and will help Keppel expand its suite of jackup rig offerings, Keppel said in a statement.

With the acquisition, Keppel will be able to offer customers the LeTourneau designs by selling rig kits to shipyards, or delivering ready-to-drill rig solutions from Keppel yards worldwide.

With about 100 LeTourneau rigs currently operating around the world, many operators require servicing and repair of their rigs, Keppel said.

The provision of aftermarket services will expand the group's business, Keppel said.