Business Times - 19 Nov 2007
Jasper unit buys 55% stake in offshore oil firm Neptune Marine
SINGAPORE - Singapore-listed Jasper Investments said on Monday that its unit will buy a controlling stake in Cyprus-based Neptune Marine Oil and Gas for US$198.4 million.
A company statement said that Jasper's unit Turquoise has agreed to buy a 55.44 per cent stake in Neptune.
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Click here for Jasper's press release
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.
Dubai Drydocks World last month agreed to buy Labroy Marine for US$1.63 billion - its second acquisition in Singapore after it bought shipyard operator Pan-United Marine.
-- REUTERS
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