Keppel Corp Ltd said unit Keppel FELS Ltd will form a joint venture with J Ray McDermott SA, a subsidiary of McDermott International Inc, to provide deep water and ultra-deep water oil and gas development solutions. The company will be named FloaTEC LLC.

Keppel also said that unit FELS Offshore Pte Ltd has sold a 34.1 pct stake in Regency Steel Japan Ltd to Mitsui Bussan Steel Trade Co Ltd for 75.02 mln yen. FELS's stake in Regency Steel will go down to 51 pct from 85.1 pct.