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.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Chee Yew Cheang
APAC Editor | Rigzone
 -  Malaysia's InvestKL Woos Top Oil, Gas ... (Oct 6)
 -  Petrobangla Invites EOIs for 3 Offshor... (Sep 30)
 -  Malaysia's SapuraKencana Posts 7.1% Ga... (Sep 29)
 -  TH Heavy Engineering, McDermott End Pa... (Sep 26)
 -  Singapore's NUS Slowly Builds its Petr... (Sep 26)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Substation Engineer
Expertise: Engineering Manager
Location: Florida, FL
 
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
search for more jobs

Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours