Keppel O&M buys stake in Dyna-Mac

Keppel Offshore & Marine (Keppel O&M)'s subsidiary has on Wednesday acquired 27.8% stake in newly-listed Dyna-Mac via an equity placement. KS Investment, wholly-owned by Keppel O&M, invested S$87.5m ($69m) into topside module fabricator Dyna-Mac based on an invitation price of S$0.35 per share. The equity placement was made on Dyna-Mac's first day of listing on Wednesday on the Singapore Exchange.

“This strategic investment strengthens Keppel O&M's capabilities as a core solutions provider in floating production systems including floating production storage and offloading vessels (FPSOs),” said Nelson Yeo, managing director (marine) of Keppel O&M.

The deal is part of a collaboration between Keppel Shipyard, another wholly-owned subsidiary of Keppel O&M, and Dyna-Mac to jointly pursue the topside module business beyond Singapore's shores. The Singapore-headquartered Dyna-Mac, headed by Desmond Lim, provides detailed engineering, as well as procurement and construction services for topside modules of FPSOs and FSOs.
(Source:http://en.shippingchina.com)