Keppel's Aqua Pellentesque to merge with Floatel

Source: Keppel

Keppel Corporation Limited revealed that its associated company, Aqua Pellentesque Ltd, has entered into an Amalgamation Agreement with Floatel International Ltd. This agreement paves the way for Keppel, with a current stake of 31.7% in Floatel, and other shareholders of Aqua, to acquire the remaining Floatel shares which they do not currently own, at a consideration price of NOK 19.50 per share. 

Mr Choo Chiau Beng, CEO of Keppel, said, "Over the past year, we have gradually increased our stake in Floatel, reaching our current interest of 31.7%. This reflects our growing confidence in the long term prospects of Floatel in its ability to provide high quality floating accommodation semisubmersibles for Brazil and the North Sea. Through this amalgamation, we hope to increase our interest in Floatel, to enable us to play a more active role in growing the company." 

Pursuant to the Amalgamation, the Floatel shares held by the shareholders or proposed shareholders of Aqua who will hold the entire issued share capital of Aqua will be converted into shares of the Amalgamated Company, whereas the Floatel shares of the shareholders not forming part of the Shareholder Consortium will receive the Cash Consideration of NOK19.50 per share in the capital of Floatel, issued and outstanding immediately prior to the effective time of the Amalgamation. 

Aqua was formed by Wideluck Enterprises Limited, a wholly-owned subsidiary of Keppel, and Jonathan Fairbanks. As part of the amalgamation, the other shareholders forming the Shareholder Consortium will become shareholders of the amalgamated company. 

Subject to the Amalgamation Agreement being approved by Floatel's shareholders, the Shareholder Consortium will fully own all the shares of Floatel.

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