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.

Follow the link for more news on

Keppel Corporation

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia