Keppel Corp (KPLM.SI), the world’s biggest rig maker, has won an order to build a jackup rig worth US$180 million ($236 million) from Singapore-listed offshore drilling firm Jasper Investments (JASP.SI) with an option for another similar unit.

If exercised, the option of the additional rig will bring the total value of the contract to about US$365 million.

Separately, Jasper Investments said Morton Bay, which has a 79% controlling stake in it, will capitalise all its existing loans to the company to support Jasper’s plan to expand its fleet.

The US$194.6 million in loans will be offset against 1,946,320,562 new ordinary shares in Jasper, it said in a statement.

The new shares will be issued at $0.13 each. Jasper shares closed 25% higher at $0.075.