Keppel Offshore & Marine Ltd. has entered a framework deed with Borr Drilling Ltd. to defer the scheduled delivery of five jackup rigs to 2022.
Offshore staff
SINGAPORE – Keppel Offshore & Marine Ltd. has entered a framework deed with Borr Drilling Ltd. to, among other things, defer the scheduled delivery of five jackup rigs to 2022.
These five are part of the 11 jackups ordered by Borr, six of which have been delivered to date.
Based on the original delivery schedule, three out of the five rigs were scheduled for delivery by 3Q 2020 and the remaining two rigs by 1Q 2022. Pursuant to the terms of the framework deed, the delivery of one rig will be deferred to 2Q 2022 while the remaining four rigs are to be delivered by 3Q 2022.
The framework deed will become effective upon the satisfaction of certain conditions, including the obtaining of key creditor consents by Borr for, among others, deferral of principal and/or interest payments under certain credit facilities, sale and purchase and construction agreements, and the relaxing of certain restrictive covenants.
