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Apollo Global to Invest $1.5 Billion in Keppel's New Offshore Energy Fund

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Apollo Global Management has agreed to invest $1.5 billion into a new private fund, Keppel Offshore Fund, as part of Keppel's (SGX:BN4) program to monetize up to 10 legacy rigs, according to company filings on Monday.

Keppel plans to ​divest 10 oil rigs held by its indirect subsidiary, Rigco Holding, for around SG$3.7 billion, the Singapore-based global asset manager said.

Keppel aims to divest six rigs to the new Keppel Offshore Fund (KOF) this year for around SG$1.2 billion, for which it will receive a cash consideration of about $478 million. It will make 50% of the contribution to the new private fund through an indirect unit.

The transfer is expected to add about SG$3.9 billion to ​Keppel's funds under ​management.

The fund manager also plans to divest four additional rigs, which are in various stages of completion, to the new fund from 2027 to 2028. The transaction is ​expected ⁠to generate $988 million in cash proceeds for Keppel.

Keppel noted it will recognize an accounting loss of around SG$92 million from the six operational rigs being divested to KOF in its H1 2026 results.

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