Keppel's investment in Floatel up to $284m carrying value

It reported a net profit of US$551m in Q1.

Floatel International's financial results for Q4 in 2020 and Q1 in 2021 shows that it will have a net positive financial impact on Keppel Corporation of around $187m.

According to local media, the carrying value of Keppel's investment in Floatel will be almost triple at around $284 milllion as a result of equity accounting.

This is compared to the recorded figure of $96m as of 31 December 2020.

Keppel reported a US$551m net profit for Q1, which includes restructuring gain of around US$578m.

It was reported that Keppel will equity account for the Q1 results of $241m, which includes its estimated $269m restructuring gain share.

In Q4 of 2020, Floatel recorded an additional impairment of its vessels at around US$81m. An equity account will be done by Keppel for about $54m.

Based on the consensual transaction for Floatel's restructuring, wholly-owned subsidiary FELS Offshore retained 49.92% stake in Floatel and also forgave a US$24m loan.