Singapore’s Keppel Offshore & Marine (Keppel O&M) has signed an agreement to acquire the offshore rigs business of the US-based Cameron, in a transaction valued at $100m.

The business consists of the Letourneau jackup rig designs, rig kit business, as well as aftermarket services.

According to Keppel, the jackup rig designs to be acquired include the Letourneau Super 116E, Workhorse, Super Gorilla XL and Jaguar.

"With the current low oil price, we have seen a slowdown in newbuild rig orders. Rig owners are repairing and upgrading their current fleet."

The acquisition will allow Keppel to offer the Letourneau rig designs to customers through the sale of rig kits to shipyards, or deliver ready-to-drill rig solutions from its yards, which are located worldwide.

The rig kits, which also have support equipment such as cranes and anchor winches, include jackup leg components, elevating units / jacking systems and cantilever / skidding systems.

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

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"These are popular designs operating in many of the world’s offshore oil fields, and rig owners can now utilise our global network of yards to service and maintain their rig assets cost-effectively."

The strategic acquisition is expected to expand Keppel’s suite of jackup rig design offerings in the sector.

At present, approximately 100 Letourneau rigs are operating across the globe.

The acquisition is expected to be completed after fulfilling certain conditions, in addition to obtaining relevant regulatory approvals.