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?


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