Offshore staff
SINGAPORE – Keppel FELS Ltd. has agreed to sell five jackup rigs to Borr Drilling for around $745 million.
All are existing jackups currently under construction to the KFELS B class design.
The agreement will become effective following certain conditions, including Borr raising sufficient funds.
Borr will pay an initial $288 million within 20 business days of the effective date of the agreement, with remaining instalments payable within five years from the respective delivery dates of each individual rig.
Deliveries are scheduled progressively, one next year and the other four in 2020.
Chris Ong, CEO of Keppel Offshore & Marine, said: “This is a win-win agreement for all parties and enables Keppel O&M to further improve our cashflow, minimize the holding risks of the projects, and clear several of the deferred orders.”
Borr CEO Svend Anton Maier added: “This is an opportune time for us to grow our fleet of highly capablejackup rigs as the market is showing signs of recovery from the bottom of the business cycle.”
05/16/2018
