Keppel, a Singapore-headquartered global asset manager and operator overseeing S$95 billion ($74 billion) in funds under management, recently announced a program to progressively monetize up to 10 legacy offshore oil rigs through its new private fund, Keppel Offshore Fund (KOF), which will hold a portfolio of offshore energy assets.
Keppel plans to divest six operational rigs via its indirect subsidiary, Rigco Holding, to the Keppel Offshore Fund in 2026, adding approximately S$1.2 billion ($929 million) to Keppel’s monetization.
KOF’s acquisition of the six rigs will be funded by cash from Apollo, which recently agreed to invest $1.5 billion into KOF for a limited partnership interest in the fund, and Keppel, which will make 50 percent of the contributions to the fund. An additional four rigs may be progressively divested to the fund after their completion. The transaction adds approximately S$3.9 billion ($3 billion) to Keppel’s funds under management.
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