Keppel Offshore & Marine Ltd. (Keppel O&M) said Aug. 31 its subsidiary entered into an agreement to acquire Cameron International Corp.'s (CAM) offshore rigs business for $100 million.

Keppel Offshore & Marine USA Inc., the Singapore-based company's subsidiary, will gain Cameron's LETOURNEAU jackup rig designs, rig kit business and aftermarket services.

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The rig kits include jackup leg components, elevating units/jacking system and cantilever/skidding system. Support equipment such as cranes and anchor winches are also options in the rig kits, Keppel said in the news release. About 100 of the rigs are currently operating worldwide.

“With the current low oil price, we have seen a slowdown in newbuild rig orders," said Chow Yew Yuen, CEO of Keppel O&M, in a statement. "Rig owners are instead looking at repairing and upgrading their current fleet.”

“These are popular designs operating in many of the world's offshore oil fields and rig owners can now utilize our global network of yards to service and maintain their rig assets cost-effectively,” he added.

Having previously completed 16 such rigs, Keppel O&M said it has the expertise to build rigs of the LETOURNEAU design.

Oilfield services giant Schlumberger Ltd. (SLB) said Aug. 26 it will buy Cameron in a $14.8 billion deal.

The completion of the Keppel's acquisition is subject to the fulfillment of certain conditions precedent, including relevant approvals from regulatory authorities, the release said.

Offshore