SINGAPORE – Sembcorp Marine subsidiary Jurong Shipyard and North Atlantic Drilling Ltd. (NADL) will extend a standstill agreement for delivery of the newbuild semisubmersibleWest Rigel until Jan. 6, 2018.
During the intervening period, NADL will continue to market the rig for an acceptable drilling contract while Jurong retains the right to sell it at an acceptable price.
The rig will remain at the yard in Singapore during this period. If no employment is secured and no alternative transaction is completed by the termination date, the parties will form a joint asset holding company for joint ownership of the rig, to be owned 23% by NADL and 77% by Jurong.
NADL will continue to market the unit for the joint asset holding company for an acceptable drilling contract while Jurong will continues to market it for sale.