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

Seadrill’s North Atlantic Drilling and Sembcorp Marine’s Jurong Shipyard have once again extended a standstill agreement to defer delivery of newbuild semi-submersible rig West Rigel.

The new extension delays the delivery to January 6, 2017 while both parties continue to market the $568m rig for employment or sale. If the rig isn’t employed or sold, the two companies will form a joint asset holding company to market the rig.

An initial standstill agreement was reached in December 2015 when the rig was ready for delivery, and then later extended in June.

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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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