The sale of the Moss C60 harsh environment semisubmersible to an undisclosed buyer by Sembmarine unit Jurong Shipyard will result in a $24m loss for the group but “will further improve the liquidity position of the company,” Sembmarine said.
The sale is still subject to certain conditions precedent being met by both parties and the rig will remain at the yard for certain works to be undertaken for reactivation.
West Rigel was originally contracted by North Atlantic Drilling unit North Atlantic Rigel and Seadrill, both of whom applied for restructuring under Chapter 11 in the US.
North Atlantic Drilling and the yard, entered into a standstill agreement, during which time it was supposed to find work or a buyer for the rig in December 2015. This was further extended to July 2018. Had no successful solution for disposal been found, the semisubmersible would have been put under a holding company for joint ownership.
The $568m deal to build the 6th generation semisubmersible was signed in April 2012, part of a spate of semisub building jobs the yard clinched before the bottom fell out of the oil and gas (O&G) market and started a string of delivery deferments which should come to an end when this rig is finally disposed of.
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