Clifford Chance advises Keppel on Apollo’s US$1.5 billion investment into Keppel Offshore Fund

Global law firm Clifford Chance has advised Keppel Ltd., a Singapore-headquartered global asset manager and operator, on the establishment of the Keppel Offshore Fund (KOF) and the investment by Apollo-managed funds and affiliates of US$1.5 billion into KOF, which will hold a portfolio of offshore energy assets managed by Keppel. As part of the transaction, Keppel will divest six operational rigs to KOF in 2026, with up to four additional rigs expected to be progressively completed and potentially divested to KOF in 2027 to 2028, subject to certain conditions being met.

The Clifford Chance team was led by partner Melissa Ng and counsel Wesley Tan, supported by senior associate Lim Hui Qi. Singapore partner Daryl Liu, senior associate Rebecca Liu and associate Phoenix Chiu advised on funds aspects of the transaction. Hong Kong counsel Dayu Man, together with A&SH Clifford Chance counsel Aysh Chaudhry and senior associate Asfand Gulzar in Riyadh, advised on antitrust aspects. Singapore counsel Claire Neo and associate Jun Kai Choo advised on SGX compliance and disclosure requirements. New York partner Gianluca Bacchiocchi also advised on the structured finance aspects.

Melissa Ng commented, “As one of the first transactions of its kind in Southeast Asia, this transaction brings together a large-scale offshore asset monetisation programme, a new fund platform and significant institutional capital into an innovative structure. It reflects the growing sophistication of asset management strategies across Asia and the important role private capital can play in the energy and infrastructure sector.”

The transaction represents a significant step in Keppel’s continued transformation as a global asset manager and operator. The transaction is expected to add approximately S$3.9 billion to Keppel’s funds under management and contribute approximately S$1.2 billion towards Keppel’s announced asset monetisation for 2026. The transaction is subject to certain closing conditions, including regulatory approvals.