Seatrium rakes in millions with Keppel’s RigCo to revive four stranded rigs

As aging global fleets and heightened energy security concerns drive renewed demand for offshore drilling, RigCo, a wholly owned subsidiary of Keppel, has partnered with Singapore’s Seatrium to complete the construction of four legacy offshore rigs. The initiative positions RigCo to capitalize on a tightening offshore drilling market while paving the way for potential asset monetization through the Keppel Offshore Fund.

Under an existing master services arrangement, the duo will collaborate on the completion of construction work in respect of four offshore rigs owned by Keppel’s subsidiary, which comprise a premium seventh-generation drillship, a harsh environment jack-up, and two mid-water semi-submersibles suited to work in the harshest environments of Northwest Europe.

Cindy Lim, Chief Executive Officer at Infrastructure of Keppel and Non-Executive Director of RigCo, commented: “The demand for deepwater and harsh environment rigs is expected to increase over the next several years, providing conducive conditions for new, long-term charters of premium rigs. RigCo has been working closely with customers on their requirements amid the tightening market for advanced offshore rigs.

“The resumption of construction work marks an important milestone in Keppel's strategy to transform RigCo’s work-in-progress offshore rigs into high-quality, income-generating assets. Their phased completion is part of Keppel’s program, announced in July 2026, to progressively monetize up to 10 legacy rigs through the Keppel Offshore Fund, managed by Keppel, and co-invested with Apollo as limited partner.”

This story was originally published by Offshore Energy. Read the full story at Offshore Energy →