Keppel Confirms Talks with Borr Drilling on Sale of Jack-Ups

A view of a Keppel Corporation shipyard in Singapore January 19, 2016. REUTERS/Edgar Su

Singapore-based rig builder Keppel Offshore & Marine has confirmed it is in talks with Norwegian drilling contractor Borr Drilling over the possible sale of jack-up rigs currently being built Keppel FELS.

The confirmation of talks comes after a report from the Business Times, which stated that Keppel was seeking to offload six jack-up rigs to the drilling contractor for $960 million.

In a statement, Keppel said that while it is in talks with Borr, no definitive agreement has been entered into and the details and terms of any agreement relating to any sale and purchase of rigs have not yet been finalized and are still subject to ongoing negotiations and discussions.

In the same statement, Keppel also denied the existence of an agreement involving the potential sale-and-leaseback financing arrangement with Grupo R regarding a contracted jack-up rig, which was also referenced in the Business Time article, but the statement added that Keppel “is always open to pursuing opportunities for win-win solutions for [its] customers.”

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up