Keppel to assume control of Rigco Holding's 13 legacy rigs

Rigco is undergoing a selective capital reduction (SCR) exercise.

Keppel will assume control of the 13 legacy rigs owned by Rigco Holding (Asset Co), following the latter's selective capital reduction (SCR) exercise.

Keppel holds a 10% equity stake in Asset Co, $139m in perpetual securities, and $4.3b in vendor notes issued by the company.

Upon completing the SCR exercise by the end of 2024, Asset Co will become a wholly-owned subsidiary of Keppel, as all non-Keppel shares will be cancelled.

The company will be placed within a new private fund managed by Keppel.

The structure gives Keppel the flexibility to oversee the monetisation of Asset Co’s legacy assets to achieve optimal risk-adjusted returns.

It will also take control of $843m in cash held by Asset Co as of September 2024, supporting the completion of unfinished rigs.

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Keppel Corporation

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