Keppel sells PV Drilling Overseas stake

Singapore’s Keppel Corporation Limited has through its subsidiary Joy Pride disposed of its 35% shareholding interest in PV Drilling Overseas Company Private Limited (“PVDO”) to PetroVietnam Drilling and Well Service Corporation and Overseas Drilling Holdings Ltd for US$350.

Keppel sells PV Drilling Overseas stake

PVDO, which invests, owns and charters oil rigs, and provides drilling services and associated services, has ceased to be an associated company of Keppel.

The Vietnamese drilling contractor last year ordered a KFELS B Class jack-up rig worth US$210 million from Keppel Fels yard. The rig is scheduled for delivery in the first quarter of 2015.

Fullerton Fund Management, a subsidiary of the Keppel’s controlling shareholder, Temasek Holdings (Private) Limited, has a deemed interest in 1,283,004 shares, representing approximately 0.47% of the issued share capital of PetroVietnam Drilling and Well Service Corporation, held in third-party funds managed by Fullerton Fund Management as an investment manager.

 

[mappress]
August 22, 2014

 

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