Keppel Verolme’s Price Tag Revealed

Image Courtesy: Keppel Verolme

Damen Shipyards Group has paid EUR 23.5 million (USD 27.6 million) for the acquisition of Keppel’s Verolme shipyard in the Netherlands, Keppel Offshore & Marine said in its half-year report.

As disclosed by the company, the sale was part of Keppel O&M’s efforts “to rationalize its global yard network according to business needs.”

“Keppel O&M has the capacity and resources to continue servicing its customers in Europe and the North Sea region, as well as pursue new opportunities in these markets through our global network of yards. Our commitment to Near Market, Near Customer execution, remains intact,” the company said.

Damen Shiprepair & Conversion (DSC), a part of the Dutch Damen Shipyards Group, said at the end of June that it had finalized the acquisition of the Keppel Verolme shipyard from Keppel O&M.

From 1 July, the Keppel Verolme shipyard, including its 250 staff members, resumed operations under the Damen flag.

Damen believes that with three dry docks and almost 2km of quay capacity, the Verolme yard, located in Rotterdam’s Botlek harbour, will significantly expand DSC’s portfolio of eight repair and conversion yards in the Netherlands and another eight abroad.

Separately, Keppel said it posted half-year net profit of S$421 million (USD 308 million), slightly higher compared to the same period in 2016.

“Our group has achieved creditable results in 1H 2017, despite the much lower contributions from the Offshore & Marine (O&M) Division, demonstrating our resilience as a multi-business company.” Keppel’s CEO Loh Chin Hua said.

Keppel said that it won contracts of around S$300 million, year to date, including for newbuild LNG carriers and dredgers as well as FPSO conversions.

According to Loh China, despite some pick-up in activity in the offshore market, uncertainty in the oil market remains to be an issue, which, coupled with the oversupply in the jackup market, hinders the possibility of a quick recovery.

Hence the company is looking for new markets in the gas industry and non-oil and gas plays such as Jones Act vessels and dredgers.

“We will also explore opportunities to re-purpose our offshore technology for other uses,” he added.

World Maritime News Staff

 

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