RigCo to invest over S$500 million to complete four offshore drilling rigs with Seatrium

RigCo and Seatrium will complete construction of a drillship, a harsh-environment jackup and two semisubmersibles as demand grows for premium offshore drilling capacity worldwide.

Jeremy Beckman

Related To:

Seatrium

Oct. 28, 2026

2 min read

Add Us On Google

Why this news matters

The agreement signals renewed investment in offshore rig construction after years of limited newbuild activity and fleet retirements.
Growing demand for deepwater and harsh-environment drilling units suggests operators are preparing for increased offshore exploration and development activity.
Additional premium rig capacity could help ease supply constraints as utilization rates rise across the global offshore drilling fleet.

offshore jackup rig — Seatrium says the N-class is one of its largest and most capable high-specification jackup rig designs, with capabilities extending into the 500-ft water-depth class.

Keppel subsidiary Rigco Holding and Seatrium have agreed to jointly complete construction of four offshore rigs owned by RigCo, under an existing master services arrangement between the two parties.

The facilities comprise a seventh-generation drillship, a harsh environment jackup, and two mid-water semisubmersibles suited to harsh environment duty offshore Northwest Europe.

RigCo will fund remaining construction of all four rigs, estimated at more than S$500 million (US$390.2 million).

It expects to take delivery of the drillship and the harsh environment jackup in 2027 and 2028, respectively, allowing them to be positioned for charters.

Construction plans for the two semis remain under assessment.

Seatrium commented that offshore rig market fundamentals are improving following more than a decade of limited newbuild programs and retirements of older rigs.

Main factors are the higher utilization rates, the aging global drilling fleet, structural supply constraints and the heightened recognition of a need for energy security.

“The demand for deepwater and harsh environment rigs is expected to increase over the next several years, providing conducive conditions for new, long-term charters of premium rigs," said Cindy Lim, CEO Infrastructure at Keppel. “RigCo has been working closely with customers on their requirements amid the tightening market for advanced offshore rigs.”

The phased completion work is part of Keppel’s program, announced earlier this year, to monetize up to 10 legacy rigs through the Keppel Offshore Fund, she added.

“Today, more than two-thirds of the world's operational jackup rigs are based on Seatrium's designs, including one of the units for RigCo…," said William Gu, EVP of Seatrium Energy (Marketing). “We look forward to leveraging our integrated capabilities and execution excellence to support RigCo in realising the full potential of these premium assets.”

Contributors:

Ariana Hurtado

About the Author

Jeremy Beckman

Staff Writer / Editor, Europe

Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.