Keppel (SGX:BN4) signed an indefeasible right of use agreement with an unnamed global technology company for the fourth of its five available fiber pairs on the Bifrost subsea cable system, according to a Wednesday filing with the Singapore Exchange.

The subsea cable system, which will link Singapore to the US west coast via Indonesia, spans over 20,000 kilometers and offers round-trip latency under 165 milliseconds, faster than existing systems.

Keppel holds its investment in the fiber pairs through a 40-60 joint venture with private fund co-investors. It expects an internal rate of return of around 30% for the overall project.

Meanwhile, Keppel is in discussions to sign a similar agreement for its fifth and final Bifrost fiber pair.

Shares of the infrastructure company were up nearly 2% in Wednesday trading.