Keppel to Sell Five Existing Rigs to Borr Drilling for US$745 Million
May 15 2018 - 8:58PM
Dow Jones News
By Gaurav Raghuvanshi
SINGAPORE--Keppel Corp. Ltd. (BN4.SG) Wednesday said it has
signed a deal to sell five existing drilling rigs to Borr Drilling
Ltd. for US$745 million.
The five jackup rigs, currently under construction, will be
delivered starting the fourth quarter of next year, Keppel said in
a statement to the Singapore Exchange.
The price excludes any down payments made by the original
customers for the rigs, it said.
The sale allows the world's biggest drilling rigs builder to
realise sales revenues from the vessels after their original
customers backed out from the contracts. Keppel didn't name the
original customers.
The agreement "demonstrates that rig owners continue to look for
reliable, high quality rigs," Keppel said.
-Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com
(END) Dow Jones Newswires
May 15, 2018 20:43 ET (00:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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