The four rigs and their bareboat charter agreements are part of Keppel O&M’s legacy rigs. They will be transferred to Asset Co upon the completion of the proposed merger between Keppel O&M and Sembcorp Marine (SembMarine).
Keppel Offshore & Marine (Keppel O&M), the wholly-owned subsidiary of Keppel Corporation, has completed the modification works for four KFELSB Class jackup rigs on Oct 14.
The rigs, which will be deployed on bareboat charters in Saudi Arabia this month, are being chartered in pairs to Arabian Drilling Company (ADC) and ADES Saudi Limited Company (ADES) respectively. They are expected generate a total charter revenue of about $250 million over three to five years.
