Singapore’s Keppel Offshore & Marine has inked new deals with offshore rig operator ADES for the utilisation of two more jackups to be deployed in Saudi Arabia.
Five-year bareboat contracts, which bring the total number of rigs Keppel O&M has on charter with ADES to four, should commence in the first half of 2023. Keppel said it expects to earn around S$155m ($111m) from the deal, including modification works to prepare them for deployment, up from S$135m it reported for the first jackup pair.
The two rigs to be used for these charters are the Cantarell III and Cantarell IV which were part of a sale and leaseback deal with Grupo R. These charters have since been terminated under the claim that the company was behind in lease payments.
The rigs, which will be renamed ADM685 and ADM686, are currently in Mexico and will be transported to Saudi Arabia for modification works before commencing their charters for ADES. Keppel secured six jackup bareboat charters in the Middle East this year.