North Atlantic Drilling and Sembcorp Marine reach standstill agreement on semi-sub

North Atlantic Drilling and Sembcorp Marine reach standstill agreement on semi-sub

Singapore’s Sembcorp Marine has announced that a standstill agreement has been reached between its Jurong Shipyard and North Atlantic Drilling for the delivery of semi-submersible drilling rig  West Rigel until June 2016.

Splash revealed last month that the majority owned subsidiary of John Fredriksen-controlled Seadrill, was in discussions with the yard over a delay of the $568m rig which was scheduled for delivery before the end of the year.

North Atlantic Drilling will continue to market the rig through to June looking for an acceptable contract, while at the same time Jurong Shipyard will have the right to sell it at an acceptable price.

The rig will remain at the yard, and 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.

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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