Keppel Ltd.

We are pleased to share that Kruger Holdings Pte. Ltd. (KKH), a wholly-owned subsidiary of Keppel’s Connectivity Division, has been granted a Facilities-Based Operator (FBO) licence by the Infocomm Media Development Authority of Singapore. The FBO licence will allow Keppel to own, operate and maintain telecommunications infrastructure in Singapore and to provide telecommunications services in connection with the Kruger Cable System (Kruger). Kruger is expected to connect Singapore, Malaysia, Bangladesh, India and Oman, with branches across South Asia. Kruger is being developed against a backdrop of sustained growth in international bandwidth demand, with South Asia and the Middle East among the regions seeing the most rapid expansion in digital infrastructure investment. The cable system is currently under evaluation with prospective investors, with an investment decision expected by the end of 2026. Read more here: https://lnkd.in/g-pUi_6J

We are pleased to announce that Keppel’s Connectivity Division has been provisionally awarded 50 MW of new data centre capacity under Singapore’s second Data Centre – Call for Application. The award will support the development of Keppel’s newest data centre in Singapore, Keppel DC SGP 11, an AI-ready data centre on Jurong Island, with an expected investment of more than S$1 billion. Keppel DC SGP 11 will be developed by Keppel and funded by Keppel Data Centre Fund III and its co-investors, which have capital ready to deploy into high-quality data centre opportunities across Asia Pacific. Keppel will harness its integrated ecosystem combining energy and digital infrastructure capabilities and capital solutions to develop Keppel DC SGP 11, which is part of the wider Jurong Island Data Centre Park initiative. Mr Manjot Singh Mann, CEO of Keppel’s Connectivity Division, said, “On Jurong Island, we have the opportunity to harness our data centre and subsea cable expertise alongside Keppel’s established power and energy infrastructure to develop digital infrastructure that is efficient, resilient, increasingly sustainable and well-connected. This integrated ecosystem approach differentiates Keppel and positions us well to support Singapore’s ambitions as a trusted global hub for AI and digital investments.”

At Keppel’s Investor Day 2026, our CEO, Mr Loh Chin Hua and senior management outlined Keppel’s next phase of growth, powered by our twin flywheels of asset management and operations. Together, these enable us to harness Keppel’s integrated strengths across capital solutions, energy and digital infrastructure to capture opportunities arising from the megatrends such as the energy transition, and digitalisation and AI. Investors also toured the newly operational Keppel Sakra Cogen Plant, Singapore’s first hydrogen-compatible cogeneration plant. The visit brought to life how Keppel combines investment expertise with deep operating capabilities to create value for our Limited Partners, investors and stakeholders. You can view our senior management’s Investor Day presentations here: https://lnkd.in/g7BCZjA2

We are pleased to share an important milestone in Keppel’s track record and growth as a global asset manager and operator; surpassing our end-2026 interim Funds under Management (FUM) target of $100b ahead of schedule. In the year to date, Keppel added approx. $13.5b in FUM across its Infrastructure, Real Estate and Connectivity private funds. This was supported by approx. $7.8b of new capital commitments secured from global Limited Partners. The strong fundraising momentum reflects the appeal of Keppel’s investment solutions and investors’ confidence in our integrated asset manager and operator model. Mr Loh Chin Hua, CEO of Keppel, said, “As our FUM continues to grow, it creates a flywheel that expands both asset management income and operating income. Beyond recurring fees from operating and maintaining assets such as the Bifrost Cable System and the new Keppel Sakra Cogen Plant, we are also able to generate stronger earnings and cash flows through our sponsor stakes and co-investments. Ultimately, sustained growth in our FUM will continue to be underpinned by the investment performance of our funds, which remains our key focus.” Read more: https://lnkd.in/ghwRVhr7

We are pleased to announce an approx. S$3.7b programme to monetise up to 10 legacy rigs through the Keppel Offshore Fund (KOF), with funds, accounts and entities managed by Apollo committing US$1.5b in capital. This provides a clear pathway for the progressive monetisation of the legacy rigs, which will improve Keppel’s gearing while unlocking capital for re-investment and to reward shareholders. KOF’s acquisition of the rigs will be by cash from Apollo, while Keppel will make 50% of the contributions to the Fund by way of contribution-in-kind, subject to certain conditions being met. By repositioning the six operational rigs, and potentially another four rigs, within Keppel’s fund management platform, we are expanding the Company’s Funds under Management by S$3.9b and will be entitled to earn recurring management fees. At the same time, through our stake in KOF, Keppel will remain invested alongside our Limited Partner, Apollo, in a high-quality modern rig fleet, positioning us to benefit from the improving long-term outlook and tight supply in the rig market. The programme will start with the divestment of the six operational rigs to KOF in 2026, which is expected to contribute approx. S$1.2b to Keppel’s announced asset monetisation for the year. The other four rigs, currently in various stages of completion, could potentially be divested to KOF when completed from 2027 to 2028. Read more: https://lnkd.in/gvFTEqfr *Completion of the transaction is subject to various conditions precedent including the consent (where required) of relevant parties and the receipt of applicable regulatory approvals.

Keppel’s Connectivity Division has signed an Indefeasible Right of Use (IRU) agreement with a global leading hyperscaler for the final remaining fibre pair on the Bifrost Cable System. With this agreement, all five fibre pairs in Keppel’s Bifrost portfolio have been committed, at an estimated total contract value of approximately US$1.3 billion (S$1.7 billion), including stable recurring income from cable operations and maintenance over 25 years. Bifrost is the world’s first subsea cable system directly linking Singapore to the west coast of USA via Indonesia through the Java Sea and Celebes Sea. The project is expected to generate an internal rate of return of about 30% for Keppel and its private fund investors. Mr Manjot Singh Mann, CEO, Connectivity of Keppel, said, “The successful commercialisation of all five of Keppel’s fibre pairs on Bifrost is a strong validation of our ability to originate, develop, operate and crystalise value from proprietary digital infrastructure assets. It demonstrates how our integrated ecosystem creates differentiated connectivity solutions that customers value, while delivering attractive returns to our Limited Partners and Keppel as a co-investor, and generating long-term recurring income through both our asset management and operating platforms.” Read more: https://lnkd.in/gZZv-8sQ