Keppel acquires Nantong facility

Keppel Singmarine Pte Ltd (Keppel Singmarine), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), the offshore and marine arm of Keppel Corporation Limited, has entered into an agreement to acquire an existing shipyard in Nantong, China, for specialised shipbuilding.

Total consideration for the assets is $5.4 million in cash which was arrived at on a willing buyer and willing seller basis. The facility will be named Keppel Nantong Shipyard, and is expected to be operational by third quarter of 2005. Its principal activities will be in the engineering and construction of specialised vessels such as Anchor Handling Tug/Supply (AHTS) vessels and tugboats.

Keppel Nantong Shipyard is located along the Yangtze River, within close proximity to supporting industries in the Municipality of Nantong, 100 km north-west of Shanghai.