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Singaporean Keppel announces liquidation of its indirect subsidiary in Azerbaijan

January 22, 2018/ 11:02

aku. Singaporean Keppel Corporation Limited has announced about voluntary liquidation of Caspian Shipyard Company (CSC) in Azerbaijan, said a message on the corporation’s website.

“Keppel Corporation Limited (KCL) wishes to announce that its indirect subsidiary, Caspian Shipyard Company LLC has commenced a members’ voluntary liquidation following the expiration of the establishment agreement dated August 26, 1997 made between AzerFELS Pte Ltd (a subsidiary of Keppel Offshore & Marine Ltd), the State Oil Company of Azerbaijan Republic (SOCAR) and Lukoil Europe Holdings B.V.,” said the message.

The abovementioned liquidation is not expected to have any material impact on the net tangible assets and earnings per share of KCL for the financial year ending December 31, 2018, said the corporation.

Caspian Shipyard Company, established in August 1997, is the joint venture of SOCAR, Keppel and Russia’s Lukoil. Azer Fels Ltd held 75 percent of share in the JV, 20 percent of shares was owned by SOCAR, while five percent belonged to Lukoil. The company was engaged in repair and modernization of ship equipment and floating drilling rigs.

Keppel continues its operation in Azerbaijan as the holder of 10 percent share in the Baku Shipyard LLC. The corporation is fully responsible for its management and operation. The largest shareholder of the enterprise with 65 percent share is SOCAR, as well as AIC, which owns a quarter of the shares of the plant.

Main activity of the Baku Shipyard consists of the construction of a variety of vessels ranging from offshore support vessels, general cargo vessels, tug boats, crane vessels, specialized vessels and passengers vessels to tankers. Baku Shipyard also undertakes ship repair and conversion of such vessels, inform Trend.

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