Company Briefs: Keppel Corp

Keppel Corp

Keppel Corp unit Keppel Land has entered into a conditional investment agreement and a joint venture deal with various firms to invest in developer Empire City.

The firms will invest a total of US$93.9 million (S$131.6 million) in Empire City.

The joint venture agreement involves building residential and mixed-use developments in what is known as the Thu Thiem New Area in Ho Chi Minh City, Vietnam.

Empire City has already received approval to lease a site for 50 years for the projects.

Keppel Land's participation is subject to various approvals being obtained from the Vietnamese authorities.

Genting Hong Kong

Cruise ship operator Genting Hong Kong is acquiring three cruise shipbuilding yards in Germany for €230.6 million (S$350.8 million).

It said it will buy the premises and related assets for the yards in Wismar, Warnemunde and Stralsund.

The Singapore-listed company said yesterday: "The rapid growth of the world cruise industry, especially in China, has led to global cruise ship orders reaching an all-time high.

"It is strategic that the group acquires its own cruise shipbuilding yards to build its cruise fleet, freeing management to focus on design, planning and deployment of its planned cruise ship fleet."

Otto Marine

A unit of offshore chartering group Otto Marine was awarded a chartering contract worth up to A$94.8 million (S$96.1 million).

The chartered ship will be a 100-tonne offshore support vessel to be used for infield support in the Australian gas field, which has a 40-year lifespan.

The client is an international oil and gas exploration and production company, said the mainboard-listed Otto Marine yesterday.

The contract is for five years from May 2017, with the option of an additional five-year extension.

For the confirmed period of five years, the contract value is A$47.4 million and with the option, the total contract value is A$94.8 million.

A version of this article appeared in the print edition of The Straits Times on March 03, 2016, with the headline 'Company Briefs: Keppel Corp'. Subscribe