ADES is chartering two KFELS B class design jack-up rigs from Keppel O&M for five years starting first half 2023.
The Singapore yard group expects SGD155m ($112m) in revenues including modification work to prepare for deployment. The rigs are currently in Mexico and will be transported to Mexico for modification works and renamed ADM685 and ADM686.
It will bring to four the number of jack-up rigs ADES has on charter from Keppel O&M.
The rigs form part of a fleet of offshore assets owned by Keppel O&M after clients defaulted on or cancelled orders following the collapse of the oil price in the second half of 2014 which led to a prolonged downturn in the offshore marine market.
The Singapore yard group has been seeking to either sell or chartered the distressed assets.
The Cantarell III and Cantarell IV jack-up rigs in the latest charter to ADES were under bareboat subsidiaries of Grupo R which were later terminated due to default on the charters.
“All of our KFELS B Class legacy jack-up rigs have secured bareboat charters or are on contract, which reflects the value our rigs bring to rig operators and increases their marketability for sale to potential buyers and investors,” Tan Leong Peng, Managing Director (New Builds) of Keppel O&M.
Keppel O&M is set to be acquired by Sembcorp Marine and under the merger agreement the rigs will be transferred to a separate Asset Co, which will be majority owned by external investors.
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