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North Atlantic Drilling and Sembcorp Marine extend semi-sub standstill agreement

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.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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