KKR sets up oil and gas services platform

Most of the capital - the exact sum to be invested has not been disclosed - will come from the private equity firm's second Asian fund, which closed at $6 billion in 2013. The platform will be led by Dubai-based Deepak Munganahalli, who has 20 years of industry experience. He most recently worked for Transocean, which operates a fleet of mobile offshore drilling units.

“We are excited about the opportunity to partner with Deepak, given his depth of experience and track record in the industry," Ash Upadhyaya, a director at KKR, said in a statement.

Numerous PE investors have put capital to work in oil and gas services, ranging from growth capital for existing businesses to stand-alone platforms. CHAMP Private Equity, for example, invested in and then led a buyout of Singapore-based Miclyn Express Offshore as well as participating in a deal for Shelf Drilling, a shallow water drilling services platform headquartered in Dubai but with operations in Southeast Asia and other locations.

In addition, the likes of The Blackstone Group and The Carlyle Group have established dedicated platforms to make investments in oil and gas exploration and production assets. Earlier, KrisEnergy, a platform backed by First Reserve, went public in Singapore.

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• Topics
• Industrials
• Southeast Asia
• MENA
• Expansion
• Growth capital
• energy
• Commodities
• Southeast Asia
• MENA
• KKR