The Singaporean giant revealed yesterday that it has takenon a 30-year contract to operate Titan Quanzhou Shipyard (TQS).
Under the deal Keppel will build rigs and carry out ship repairjobs and FPSO conversions at the facility in Fujian province.
Keppel has been granted convertible bonds giving it theoption to buy a 9.9% stake in Titan Petrochemical, the Hong Kong-listed companyrevealed today.
The deal is dependent on Titan completing its financialrestructuring and its shares resuming trading following a suspension which has dragged on sinceJune 2012.
Titan Petrochemical, majority controlled by GuangdongZhenrong Energy, has owned and chartered tankers in the past but is now engagedin bunkering and floating storage as well as owning the shipyard.
