SINGAPORE (Reuters) -- Singapore-listed Jasper Investments said yesterday that its unit will buy a controlling stake in Cyprus-based Neptune Marine Oil and Gas Ltd. for $198.4 million.

A company statement said that Jasper's unit Turquoise has agreed to buy a 55.44 percent stake in Neptune.
Neptune, which trades in Norway's over-the-counter market, acquires older low-cost offshore drilling rigs, refurbishes them with the latest drilling equipment and then contracts them out to major oil and gas exploration and production companies.
Singapore has seen a number of acquisitions in the offshore oil industry as interest in rig-building assets heats up amid record oil prices.
Dubai Drydocks World last month agreed to buy Labroy Marine for $1.63 billion -- its second acquisition in the city-state after it bought shipyard operator Pan-United Marine.