This report from Corporate Monitor Limited scrutinises Keppel Corporation’s 2023 divestment of its Offshore & Marine (O&M) division’s legacy rigs to AssetCo, a transaction valued at S$4.4 billion. The report questions the deal’s structure, particularly the generous financing terms granted to AssetCo and the involvement of Argyle Street Management (ASM) and its affiliates. Concerns are raised regarding AssetCo’s financial performance, the lack of independent valuations, and Keppel’s subsequent decision to repurchase AssetCo less than two years later. The report ultimately seeks greater transparency from Keppel regarding this complex and potentially problematic transaction.
Explore the full insights through the following reports:
• Keppel – Is there more to the Keppel O&M deal than meets the eye?
• Keppel – 吉宝海事（O&M）交易是否另有隐情？