Keppel Ltd. Announces S\$3.7 Billion Programme to Monetise Up to 10 Legacy Rigs Through Keppel Offshore Fund

Key Points and Detailed Analysis

• New Private Fund Structure: Keppel Ltd. is launching a new private fund, Keppel Offshore Fund (KOF), to progressively monetise up to 10 legacy rigs. KOF will be managed by Keppel, with investment from Apollo (NYSE: APO), which has committed US\$1.5 billion to the fund.
• Immediate Divestment of Six Operational Rigs: In 2026, Keppel will divest six operational rigs to KOF for approximately S\$1.2 billion. Keppel expects to receive about US\$478 million (S\$611 million) in cash consideration this year. Apollo will provide the cash for this acquisition, while Keppel will contribute 50% of the fund’s interest in kind.
• Potential Divestment of Four Additional Rigs: From 2027 to 2028, Keppel may divest four additional rigs currently in various stages of completion, subject to agreed conditions. This could generate an aggregate of US\$988 million (S\$1.3 billion) in cash proceeds for Keppel. The construction of these rigs will be funded by existing cash retained in RigCo.
• Impact on Funds Under Management (FUM): The transaction is expected to add about S\$3.9 billion to Keppel’s FUM, reflecting both the value of assets and capital commitments, including leverage.
• Recurring Fees and Stake Retention: Keppel will earn advisory and recurring management fees as fund manager and will retain a stake in KOF. This positions Keppel to benefit from future distributions and exposure to the rig market’s long-term outlook.
• Strategic Implications: The divestment advances Keppel’s strategy to monetise non-core assets, improve financial gearing, unlock capital for reinvestment, and reward shareholders. It also expands Keppel’s fund management platform.
• Accounting Loss Disclosure: Keppel will recognise an accounting loss of approximately S\$92 million from the divestment of six operational rigs, including the recycling of foreign currency translation loss, in its 1H 2026 results to be announced on 30 July 2026.
• Market Context: The global offshore rig market is seeing strengthening fundamentals due to high utilisation rates and supply constraints. The decade-long lull in newbuild activity has resulted in an aging global drilling fleet, with newbuilds facing higher costs, longer lead times, and stricter financing requirements. These dynamics are expected to support sustained demand for high-quality modern offshore rigs.
• Remaining Legacy Rigs: Out of the 13 legacy rigs held by RigCo, three are not part of this transaction. Keppel will explore alternative monetisation options for these remaining rigs.
• Regulatory Approvals: Completion of the transaction is subject to various conditions precedent, including third-party consents and regulatory approvals.

Price Sensitive Information for Shareholders

• The divestment of rigs and the establishment of the fund could significantly enhance Keppel’s liquidity, reduce gearing, and provide recurring fee income. These developments are likely to be material and can potentially move the share price.
• The recognition of a S\$92 million accounting loss may affect reported earnings for 1H 2026, which is a material disclosure for investors.
• The partnership with Apollo, a major global investor, further validates Keppel’s asset management strategy and creates potential for future capital inflows.
• The supply-demand dynamics in the offshore rig market, with tightening supply and strong demand, position Keppel’s remaining stake in KOF for potential value appreciation.
• Details of the divestment, including regulatory approvals and terms, may affect timing and certainty of proceeds.

Rig Portfolio Overview

Management Commentary

CEO Loh Chin Hua commented: “This transaction marks a further milestone in Keppel’s transformation. It establishes a clear pathway for the progressive monetisation of the legacy rigs. By repositioning the six operational rigs and potentially another four rigs within Keppel’s fund management platform, we are expanding our FUM and will earn recurring management fees. At the same time, through our stake in KOF, we will remain invested alongside our Limited Partner, Apollo, in a high-quality modern rig fleet, positioning us to benefit from the improving long-term outlook and tight supply in the rig market.”

Investor Contacts

• Media: Mr Ang Lai Lee, Director, Corporate Communications, Tel: (65) 6413 6427, Email: [email protected]
• Investor Relations: Ms Ivana Chua, Managing Director, Corporate Communications, Tel: (65) 6413 6436, Email: [email protected]

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors are advised to conduct their own due diligence and consult with their financial advisors before making investment decisions. All forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from projections.

凯宝有限公司宣布通过凯宝离岸基金出售多达10台遗留钻井平台，总价值约37亿新元

主要要点与详细分析

• 新基金结构：凯宝推出新私募基金“凯宝离岸基金”，逐步出售最多10台遗留钻井平台。凯宝管理该基金，Apollo（纽交所代码：APO）承诺投资15亿美元。
• 六台运营平台立即出售：2026年，凯宝将六台运营钻井平台出售给凯宝离岸基金，总价约12亿新元，预计今年将获得约4.78亿美元（约6.11亿新元）现金。Apollo提供现金收购，凯宝以实物出资基金50%权益。
• 四台未完工平台后续出售：2027至2028年，凯宝有望逐步完成并出售四台在建平台，具体条件达成后可实现合计9.88亿美元（约13亿新元）现金收益。相关建设由RigCo现有现金资助。
• 管理资金规模影响：交易预计将为凯宝管理资金增加约39亿新元。
• 持续费用与权益保留：凯宝作为基金管理人获得顾问及管理费，并保留基金权益，可享未来分红与钻井市场长期价值升值。
• 战略意义：出售加速凯宝非核心资产变现、改善财务杠杆、释放资本再投资、回馈股东，并扩展基金管理平台。
• 会计损失披露：凯宝将因出售六台运营平台确认9200万新元会计损失，包括外汇损失，将于2026年上半年财报（7月30日公布）体现。
• 市场背景：全球离岸钻井市场因高利用率和供应紧张而基本面向好。十年未有新建平台导致全球钻井队老化，新建成本高、周期长、融资难，支撑对高质量现代平台的持续需求。
• 剩余遗留平台：RigCo持有13台遗留平台，本交易未包括最后三台，凯宝将探索其他变现方式。
• 监管审批：交易完成需满足各项前提，包括第三方同意和监管批准。

对股东及股价敏感的信息

• 钻井平台出售和基金设立将显著提升凯宝流动性、降低杠杆、带来持续管理费收入，属于重大事项，可能影响股价。
• 确认9200万新元会计损失将影响2026年上半年财报，是投资者需注意的重要信息。
• 与Apollo合作，增强凯宝资产管理战略，未来有望引入更多资本。
• 钻井市场供需紧张，凯宝持有基金权益有望获得资产升值。
• 出售细节及监管进展可能影响收益时间及确定性。

平台资产列表

管理层评论

首席执行官罗振华表示：“本交易是凯宝转型的又一里程碑，为遗留钻井平台逐步变现提供明确路径。通过将六台运营平台和另外四台潜力平台纳入基金管理平台，我们扩大管理资金规模，并获得持续管理费。同时，持有基金权益，与Apollo共同投资高质量现代钻井队，有望受益于市场长期向好和紧张供给。”

投资者联系方式

• 媒体：Ang Lai Lee先生，企业传播总监，电话：(65) 6413 6427，邮箱：[email protected]
• 投资者关系：Ivana Chua女士，企业传播董事总经理，电话：(65) 6413 6436，邮箱：[email protected]

免责声明

本文仅供信息参考，不构成投资建议。投资者请自行尽职调查，或向专业顾问咨询，所有前瞻声明均存在风险和不确定性，实际结果可能与预测有重大差异。

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