Clearwater Capital Partners Partially Exits Diamond Power Infrastructure, Sells Oil Rig to Arabian Drilling Company (Asia)

Source: VCCircle, Clearwater Capital Partners  |  Author(s): Shruti Ambavat

Clearwater Capital Partners, an investment firm focused on credit and special situations in Asia, has partially exited its stake in India-based Diamond Power Infrastructure, selling a 5.5 percent stake for INR271 million (approximately US$4.6 million) on the open market. Clearwater, which holds a 5.7 percent stake in the company post-transaction, originally invested in Diamond Power in 2006. Separately, Clearwater has completed the sale of a Keppel FELS B Class jackup rig to Saudi Arabia-based oil rig operator Arabian Drilling Company. This is the first rig of a two-rig order Clearwater placed with Keppel in late 2013. Financial details of the transaction were not disclosed.