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

Singapore conglomerate Keppel has taken control of the 13 legacy rigs held by Rigco Holding at a time of improved conditions in the offshore rig market. Keppel currently holds a 10% equity stake in Rigco, S$139m ($103.8m) in perpetual securities and approximately S$4.3bn ($3.2bn) in vendor notes. Rigco will undertake a selective capital reduction exercise, …