Resolution may finally be in sight for some of the rig newbuildings being constructed for Sete Brasil at Keppel Offshore and Marine and Sembcorp Marine (Sembmarine) on which progress payments stopped in late 2014 and worked stopped on in the following year.

Singapore rigbuilder Keppel FELs has inked an agreement with aggressively expanding Borr Drilling to sell five jack-up rig newbuild resales for $745m.

Analysts Rystad Energy describes as “remarkable” the rapid growth of Borr Drilling to become the world’s largest owner of jack-up rigs.

Keppel Corp has confirmed that its offshore and marine unit is in talks to sell six jack-up rigs to the rapidly growing Borr Drilling.

Sembcorp Marine (Sembmarine) is selling nine jack-up rig newbuilds, including six from cancelled contracts, to Borr Drilling for $1.3bn.