Jasper Investments said its unit will buy a controlling stake in Cyprus-based Neptune Marine Oil and Gas Ltd for $198.4m.
A company statement said that Jasper's unit Turquoise has agreed to buy a 55.44 percent stake in Neptune.
Neptune, which trades in Norway's over-the-counter market, acquires older low-cost offshore drilling rigs, refurbishes them with the latest drilling equipment and then contracts them out to major oil
and gas exploration and production companies.
Singapore has seen a number of acquisitions in the offshore oil industry as interest in rig-building assets heats up amid record oil prices.