Joint venture between Baluran Limited and Kyanite Investment Holdings Pte. Ltd

Acted for Baluran Limited (“Baluran”), an indirect wholly-owned subsidiary of ASM Connaught House Fund V, in its joint venture with Kyanite Investment Holdings Pte. Ltd (“Kyanite”), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited and Kepinvest Holdings Pte. Ltd. (“Kepinvest”), a wholly-owned subsidiary of Keppel Corporation Limited to acquire legacy rigs and associated receivables from Keppel Offshore & Marine Ltd (“Keppel O&M”). The acquisition was carried out through a joint venture company held by Baluran. Kyanite and Kepinvest, and the consideration for the sale assets, was approximately S$4.0582 billion. The asset acquisition was a key transaction connected with the landmark merger of Sembcorp Marine Ltd and Keppel O&M. Partner Favian Tan led the transaction.