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Keppel confirms talks to sell six jack-up rigs to Borr Drilling

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.

The Singapore-listed group said in a statement to the Singapore Exchange that Keppel Offshore & Marine was in discussions to sell six jack-up rigs to Borr Drilling. The deal is reported to be worth $960m but Keppel said it was yet to be finalised.

Last October Borr Drilling agreed to buy nine jack-ups, including six newbuilds where the contract had been terminated, from Sembcorp Marine, Keppel’s Singapore rival in the rig building market.

Borr Drilling was founded by former John Fredriksen and Seadrill senior executives Tor Olav Troim and Fredrik Halvorsen, moving agressively in a down market and last year bought Transocean's fleet of 15 jack-up rigs for $1.35bn.

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