FELS will retain its 49.92% ownership in Floatel, while a subordinated loan from FELS to Floatel of US$244 million ($327.22 million) will be forgiven.
Pursuant to the lock-up agreement entered into by FELS Offshore, Floatel International, and bondholders in December 2020, Keppel has reached a consensual transaction with the various relevant parties for the restructuring of Floatel, with completion of the transaction expected by March 24.
The transaction will take place at Floatel itself, without a new entity acquiring certain subsidiaries of Floatel that own and operate vessels, as originally proposed. Floatel will retain ownership of all its subsidiaries, including those that own and operate the vessels.
