Sembcorp Marine subsidiary Jurong Shipyard has signed an agreement to sell semi-submersible rig West Rigel to an undisclosed buyer for $500m.
to an undisclosed buyer for $500m.The West Rigel rig was originally built for North Atlantic Drilling, a 74%-owned subsidiary of Seadrill, however Sembcorp Marine has entered into several standstill agreements with North Atlantic Drilling since December 2015 to extended delivery.
Both Seadrill and North Atlantic Drilling applied for restructuring under Chapter 11 in the United States earlier this year.
The sale will result in a loss of S$24m ($17.8m) for Sembcorp Marine.
