SINGAPORE: Keppel is set to divest six operational legacy offshore rigs to its newly established Keppel Offshore Fund (KOF) this year in a deal valued at around $1.2 billion, as the company continues efforts to unlock value from its legacy assets while expanding its funds under management. Apollo will provide the cash required for KOF to acquire the six operational rigs. The company also plans to complete four additional legacy rigs before potentially transferring them into the fund between 2027 and 2028. The six operational rigs and the four planned future transfers form part of Keppel’s broader strategy for dealing with its legacy offshore assets. However, the company said the remaining three rigs from its portfolio of 13 legacy rigs are not included in the programme and that it is exploring alternative options to monetise those assets.