Keppel FELS resells $206m jackup rig

Uruguay's Parden Holding had entered into a contract with Keppel FELS in August 2013 to purchase a KFELS B Class jack-up rig at a price of $206m.

“Following Parden's failure to take delivery of the jackup rig and make payment for the balance 80% of the contract value, among others, KFELS has today, following discussion with the guarantor of Parden's obligations under the construction contract, entered into a settlement agreement with the guarantor,” announced Keppel Corp, parent of Keppel Offshore & Marine which owns Keppel FELS.

“The settlement agreement provides for the concurrent execution of a sale contract with 361 Projects, which is an associate of the guarantor, for the purchase of the jackup rig at a price equivalent to the balance contract value of the construction contract,” Keppel Corp stated.

The rig is now scheduled for delivery to the new buyer in the fourth quarter of 2017.