---
title: "Keppel to assume control of Rigco Holding's 13 legacy rigs"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/220041768.md"
description: "Keppel will take control of Rigco Holding's 13 legacy rigs following a selective capital reduction (SCR) exercise. After the SCR, expected to complete by the end of 2024, Rigco will become a wholly-owned subsidiary of Keppel. This move allows Keppel to manage the monetization of Rigco's assets and access cash held by Rigco to finish ongoing projects."
datetime: "2024-11-19T03:46:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/220041768.md)
  - [en](https://longbridge.com/en/news/220041768.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/220041768.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/220041768.md) | [繁體中文](https://longbridge.com/zh-HK/news/220041768.md)


# Keppel to assume control of Rigco Holding's 13 legacy rigs

**Rigco is undergoing a selective capital reduction (SCR) exercise.**

Keppel will assume control of the 13 legacy rigs owned by Rigco Holding (Asset Co), following the latter's selective capital reduction (SCR) exercise.

Keppel holds a 10% equity stake in Asset Co, $139m in perpetual securities, and $4.3b in vendor notes issued by the company.

Upon completing the SCR exercise by the end of 2024, Asset Co will become a wholly-owned subsidiary of Keppel, as all non-Keppel shares will be cancelled.

The company will be placed within a new private fund managed by Keppel.

The structure gives Keppel the flexibility to oversee the monetisation of Asset Co’s legacy assets to achieve optimal risk-adjusted returns.

It will also take control of $843m in cash held by Asset Co as of September 2024, supporting the completion of unfinished rigs.

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