Dutch offshore shipbuilder Damen has completed the purchase of the Verolme shipyard from Singapore’s largest rig builder, Keppel Offshore & Marine.
Keppel said on Saturday that the company’s shipyard in the Netherlands was sold to Damen Shipyards Group for a total consideration of EUR 23.5 million ($26.75 million).
The company added that the total consideration was agreed on a willing buyer willing seller basis taking into account Keppel Verolme’s expected net asset value at the close of the transaction and the shipyard’s position in the Netherlands ship repair and conversion market.
As a result of the sale, Keppel Verolme has ceased to be a subsidiary of Keppel with immediate effect.
The sale is part of Keppel’s efforts to optimize its operations and rationalize its global network of yards in line with its business needs. When Offshore Energy Today first reported about the sale on April 10 , Damen said that the acquisition of the Verolme Shipyard in Rotterdam would mark the next step in strengthening its repair and conversion activities within the regional ship repair and conversion market.
Keppel also said in Saturday’s statement that the transaction would not have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending December 31, 2017.
In a separate statement, Damen said that, as of July 1, the Keppel Verolme Shipyard, including its 250 staff members, would continue operations under the Damen flag.
Durk-Jan Nederlof , managing director of Damen Shiprepair & Conversion, said: “We look forward to joining forces with the Verolme yard and its people. The facilities and personnel are complementary to our existing organization. This acquisition will enable us to serve our existing clients even better while opening up new opportunities.”
The Verolme yard, located in Rotterdam’s Botlek harbor, has three dry docks – the largest of which measures 405 x 90 meters – and almost 2 kilometers of quay capacity. Damen Shiprepair & Conversion already operates eight repair and conversion yards in the Netherlands and another eight abroad.