Jurong Shipyard, NADL agree to extension for idle West Rigel semi

Sembcorp Marine says a standstill agreement between North Atlantic Drilling Ltd. and the company’s subsidiary Jurong Shipyard Pte Ltd. concerning delivery of the newbuild semisubmersible drilling rig West Rigel has been extended through July 6.

Offshore staff

SINGAPORE – Sembcorp Marine says a standstill agreement between North Atlantic Drilling Ltd. (NADL) and the company’s subsidiary Jurong Shipyard Pte Ltd. (JSPL) concerning delivery of the newbuild semisubmersible drilling rig West Rigel has been extended through July 6.

NADL will continue to market the rig for an acceptable drilling contract and JSPL will have the right to sell it at an acceptable price.

It will remain at the JSPL yard in Singapore during the extension period. If no alternative transaction can be secured, the parties will form a joint asset holding company for the rig, to be owned 23% by NADL and 77% by JSPL.

01/09/2017

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