Keppel Buys Stake in Vietnam's PV Drilling Overseas Company

Keppel Corporation Limited (KCL) reported that its wholly-owned subsidiary, Joy Pride Investments Limited (Joy Pride), has acquired 350 ordinary shares (PVDO Shares) July 2 of PV Drilling Overseas Company Private Limited (PVDO).

KCL purchases the shares, which form 35 percent of the issued share capital of PVDO, from Falcon Energy Group Limited (Falcon), at a consideration of $1 per share, in cash.

PVDO's principal activities are to invest, own and charter oil rigs, and provide drilling services and associated services to clients.

"The aggregate consideration of $350 for the PVDO Shares was arrived at on a willing buyer willing seller basis, taking into account the book value and net tangible asset value of the PVDO Shares being $1 per share as at July 2. The consideration was funded through internal working capital of Joy Pride," KCL said in a company statement.

Following the acquisition, PVDO will now be an associated company of KCL. The other shareholders of PVDO are PetroVietnam Drilling & Well Services Corporation and Falcon, with a shareholding interest of 55 percent and 10 percent, respectively.

PVDO ordered a KFELS B Class jackup from Keppel FELS for $210 million July 3, with delivery scheduled for Q1, 2015.

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