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.

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.