Global marine offshore & energy group Keppel Corp. buys into upstream oil and gas company KrisEnergy
Keppel Corporation Limited (Keppel Corporation), through a wholly-owned subsidiary, has subscribed for new shares in KrisEnergy Ltd (KrisEnergy) for a total consideration of USD 115m.
The consideration amount was injected as new capital into KrisEnergy, and Keppel Corporation now holds 20% of KrisEnergy's enlarged share capital. Established in 2009, KrisEnergy is an independent upstream oil and gas company with a diverse portfolio in Southeast Asia.
The acquisition was funded internally and the price was derived from a willing buyer, willing seller basis. KrisEnergy was previously 100% held by parent company KrisEnergy Holdings Ltd, whose major shareholder is First Reserve, a leading global investment firm dedicated to the energy industry.
Mr Choo Chiau Beng, CEO of Keppel Corporation said, "As an investor, we believe that KrisEnergy's portfolio has long-term growth potential and could offer sustainable returns over the long run."
Currently, KrisEnergy operates six out of the 14 licences they hold in Cambodia, Indonesia, Thailand and Vietnam, covering a gross acreage of more than 63,000 sq km.