Sembcorp Marine sells West Rigel rig

Sembcorp Marine subsidiary Jurong Shipyard has signed an agreement to sell semi-submersible rig  West Rigel 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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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