Seadrill’s North Atlantic Drilling has extended a standstill agreement with Singapore’s Sembcorp Marine for semi-submersible drilling rig West Rigel, delaying delivery to September 2016.
Both parties will continue to market the $568m rig which is currently located at Jurong Shipyard.
If the rig isn’t employed or sold, the two companies will form a joint asset holding company to be owned 23% by North Atlantic Drilling and 77% by Jurong Shipyard. The new company will continue to market the rig for employment and for sale.