Apollo allocates $1.5B to oil platforms
Apollo Global Management and KBLaviance announced that Apollo will invest $1.5 billion in a new fund affiliated with KBL and involving six operational oil platforms. The deal aims to finance investments in the offshore energy market and strengthen KBL's financial position by monetizing non-core assets. KBL expects that the sale, which involves divesting from six oil platforms for 1.2 billion Singapore dollars, will add approximately 3.9 billion Singapore dollars to its assets. Additionally, four more platforms under construction in 2027 and 2028 may be transferred, potentially generating revenues of around 988 million dollars. The company will record an accounting loss of 92 million Singapore dollars from the sale, according to its first-half results.
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