Keppel takes control of 13 legacy rigs amid hot offshore market conditions

Singapore conglomerate Keppel has acquired control of the 13 legacy rigs held by Rigco Holding, resulting in Rigco becoming a wholly-owned subsidiary of Keppel and housed within a newly created private fund. Keppel plans to establish the Keppel Offshore Infrastructure Fund to manage the legacy rigs and attract third-party capital, aiming to accelerate rig monetisation and take advantage of the improving offshore rig market conditions. Keppel’s strategic move is driven by the opportunity to unlock the potential of its advanced rig fleet in response to the global drilling fleet’s rapid aging and projected shortage of premium rigs in the jackup market.

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