Keppel (SGX:BN4) has secured control of 13 legacy rigs currently owned by Rigco Holding, according to a filing with the Singapore Exchange on Tuesday .
The company currently has a 10% stake in Rigco, SG$139 million in perpetual securities and around SG$4.3 billion in vendor bonds issued by Rigco. The control over Rigco will allow the company to manage and monetize legacy assets while having control of SG$843 million of cash.
Following the acquisition, Keppel intends to establish a new private fund which will own and manage the legacy rigs.
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