Keppel completes modifications to rigs for Aramco assignments
Oct. 17, 2022
Keppel Offshore & Marine has completed a program of modifications on four KFELS B Class jackup rigs.
Courtesy Keppel Offshore & Marine Ltd. LinkedIn
Keppel O&M has completed the modification works for two KFELS B Class jackup rigs, which will be deployed on bareboat charters in Saudi Arabia this month. The rigs, ARABDRILL 110 and ARABDRILL 120, are being chartered to Arabian Drilling Co., and they were handed over on Oct. 13 at the shipyard.
These will go on bareboat charters off Saudi Arabia shortly to Arabian Drilling Co. (ADC) and ADES Saudi Limited Co. (ADES), generating a total charter revenue of about S$250 million (US$175 million) over a period of up to five years.
The rigs and charter agreement are also part of Keppel O&M’s legacy rigs and will be transferred to Asset Co, majority-owned by external investors, in completion of the proposed combination between Keppel O&M and Sembcorp Marine.
ADC took delivery of ARABDRILL110 and ARABDRILL 120 last week at the shipyard. They will work for Saudi Aramco.
Modification works were completed earlier in October on the rigs chartered by ADES, ADMARINE 683 and ADMARINE 684. They too will work for Aramco.
