Rajah & Tann Singapore LLP acted for Baluran Limited, an indirect wholly-owned subsidiary of ASM Connaught House Fund V, in its joint venture with Kyanite Investment Holdings Pte. Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, and Kepinvest Holdings Pte. Ltd., a wholly-owned subsidiary of Keppel Corporation Limited. The joint venture facilitated the acquisition of legacy rigs and associated receivables from Keppel Offshore & Marine Ltd (“Keppel O&M”) through a joint venture company, AssetCo.

The legal team from Rajah & Tann was led by Partners Favian Tan and Cheryl Tan, who provided comprehensive advice on structuring, negotiating, and executing the S$4.05 billion transaction. Their expertise ensured seamless coordination between multiple stakeholders and compliance with regulatory requirements.

This transaction was a significant component of the larger merger between Sembcorp Marine Ltd and Keppel O&M, which created the world’s largest oil-rig builder. The legacy assets acquired by AssetCo were key to facilitating the merger’s objectives and addressing the strategic priorities of all parties involved.

(Sources)