Keppel completes acquisition of LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its subsidiary, Keppel Offshore & Marine USA, has completed the acquisition of Cameron International‘s offshore product division. It comprises the LETOURNEAU jackup rig designs, rig kit business, as well as its aftersales and aftermarket services. The acquired company will operate as Keppel LeTourneau with offices in the United States, United Arab Emirates and Singapore.

“This strategic acquisition will complement Keppel O&M’s existing capabilities and enable us to provide our customers with a full suite of end-to-end jackup rig solutions,” Chow Yew Yuen, CEO of Keppel O&M, said. “With Keppel’s and LeTourneau’s combined engineering resources, international shipyard presence and design and equipment manufacturing competencies, we are confident of providing even better value-added solutions to drilling operators.”

Adding the LETOURNEAU designs to its own offerings, Keppel will have more than 26 designs for jackup rigs.

Keppel will have the flexibility to customize and build the LETOURNEAU jackup rigs from Keppel yards worldwide or license the design to any client or shipyard through the sale of rig kits. The rig kits include jackup leg components, elevating units/jacking systems and cantilever/skidding systems. Marine equipment such as cranes and anchor winches are also options in the rig kits.

The LETOURNEAU suite of jackup rig designs includes the LETOURNEAU Super 116E, WORKHORSE, Super Gorilla XL and Jaguar.

The provision of aftersales and aftermarket services includes the sale of spare parts, field service (troubleshooting, inspection, installation and commissioning), operator training, repair and refurbishment of equipment and bespoke engineering services.

Approximately 40% of the jackup rigs in the market belong to either LeTourneau or Keppel designs. Of these, more than 100 rigs are over 15 years old and require regular servicing.

“With the current low oil price, rig owners are looking more at repairing and upgrading their current fleets,” Mr Chow said. “The LeTourneau acquisition has expanded our client base and will improve our service offerings to rig operators in helping them maintain their assets more cost effectively. In addition, we are confident that our end-to-end packages, from rig design and construction to aftersales and aftermarket services, will be attractive to customers because they will be assured of greater reliability in product quality as well as follow up services.”

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