Offshore staff
SINGAPORE – Sembcorp Marine subsidiary PPL Shipyard has signed agreements to sell nine Pacific Class 400 jackup drilling rigs to Borr Drilling and its subsidiaries.
Total value of the deal is $1.3 billion, plus a market-based fee based on an uplift in value of the rigs sold.
Borr Drilling will take delivery of the jackups progressively over a 14-month period between now and 1Q 2019, and the company will make an upfront down payment of around $500 million.
The package includes all six rigs from contracts which PPL had earlier terminated with its original customers, and three rigs under various stages of construction.
10/10/2017
