North Atlantic Drilling, Jurong Shipyard agree to further defer delivery of semi-submersible

A second deferment agreement has been agreed between North Atlantic Drilling and Jurong Shipyard, subsidiary of Sembcorp Marine, to extend the delivery of the semi-submersible West Rigel by a further three months to 2 September 2016.

An earlier deferment was agreed on 3 December 2015.

“The extension of the standstill period allows the parties to continue to explore commercial opportunities for the unit,” Seadrill announced in a statement.

“In the event no employment is secured for the unit and no alternative transaction is completed, the company and Jurong (Shipyard) will form a joint asset holding company for joint ownership of the unit, to be owned 23% by the company and 77% by Jurong (Shipyard),” it added.