BakerTech: see in conjunction with Keppel post above.
BakerTech buys additional 2.5m shares in Discovery Offshore from the open market. Baker now owns 10.5% of Discovery Offshore purchased for an aggregate S$18.8m. Discovery, which IPO last wk, last closed at NOK 12.5, valuing Baker’s stake at S$19.9m...
Discovery’s main assets are 2 Keppel FELS Super A jackup rigs currently under construction, with options for 2 additional rigs. The 2 rigs will be managed by Hercules Offshore which is also an investor in Discovery.
The investment in Discovery makes up ~7.1% of BakerTech’s mkt cap.
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