SINGAPORE – Sembcorp Marine subsidiary Jurong Shipyard has agreed to terms for the sale of the semisubmersible drilling rig West Rigel to an undisclosed buyer for $500 million.
The sale remains subject to both parties meeting certain conditions prior to delivery of the rig, which would then remain in Jurong’s yard to undergo various works for the reactivation process.
North Atlantic Rigel Ltd (NARL), a subsidiary of North Atlantic Drilling and Seadrill, originally commissioned the rig. Both companies have since applied for restructuring under Chapter 11 in the United States.
NARL and JSPL entered into a standstill agreement in December 2015, since extended to July 2018.