SINGAPORE — Keppel Offshore & Marine (Keppel O&M) has completed a program of modifications on four KFELS B Class jackup rigs.
These will go on bareboat charters off Saudi Arabia shortly to Arabian Drilling Co. (ADC) and ADES Saudi Limited Co. (ADES), generating a total charter revenue of about S$250 million (US$175 million) over a period of up to five years.
The rigs and charter agreement are also part of Keppel O&M’s legacy rigs and will be transferred to Asset Co, majority-owned by external investors, in completion of the proposed combination between Keppel O&M and Sembcorp Marine.
ADC took delivery of ARABDRILL110 and ARABDRILL 120 last week at the shipyard. They will work for Saudi Aramco.
Modification works were completed earlier in October on the rigs chartered by ADES, ADMARINE 683 and ADMARINE 684. They too will work for Aramco.