Upon completion of the capital reduction, which will see all non-Keppel shares cancelled and capital reduced, Rigco will become a wholly-owned unit of Keppel.
Keppel aims to be back in the "driver's seat" over at a special entity set up to house 13 oil rigs following the merger of its offshore and marine unit with then-rival Sembcorp Marine (SGX:S51
) .
According to Keppel, it plans to do so via a selective capital reduction of this entity called Rigco Holding, in which it holds a 10% stake, $139 million in perpetual securities and some $4.3 billion in vendor notes issued by Rigco.
