News:Asia

Sembmarine extends NADL newbuild rig standstill to over one and half years

North Atlantic Drilling Ltd (NADL) and Sembcorp Marine have agreed a further extension on delivery of harsh environment semi-submersible rig West Rigel.

The delivery of the rig first delayed in December 2015 and the standtill agreement has now been extended to 6 July 2017, after the previous agreement expired on 6 January 2017.

During the standstill NADL will continue to market the rig built at Sembmarine’s Jurong Shipyard, while the yard will have the right to sell the rig for an “acceptable price”.

Should no employment for the rig be found or sale concluded by the end of the period the two companies will form a joint venture 23% owned by NADL and 77% by Jurong Shipyard to market the rig, while the yard will continue to try and find a buyer for the rig.

Posted 09 January 2017

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Marcus Hand

Editor, Seatrade Maritime News

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