PPL transferring nine jackups to Borr Drilling

Sembcorp Marine subsidiary PPL Shipyard has signed agreements to sell nine Pacific Class 400 jackup drilling rigs to Borr Drilling and its subsidiaries.

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

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