The settlement will come from the asset-holding company, Rigco Holding, since the rigs were transferred to the company, based on the circular on the proposed combination between Seatrium (then Sembcorp Marine (SGX:S51
) or SembMarine) and Keppel Offshore & Marine (Keppel O&M). In the circular dated Nov 23, 2022, Keppel O&M’s legacy rig assets, associated receivables and associated intercompany loans owed by the Asset Co target companies were transferred to Rigco Holding as part of the conditions for the proposed combination.
Seatrium, on June 20, announced that its wholly-owned subsidiary Seatrium New Energy and RigCo Holding have entered into a settlement agreement with Awilco Drilling PLC, Awilco Rig 1 (AR1), and Awilco Rig 2 (AR2).
As the full and final settlement of the two arbitration awards, AR2 will receive a settlement sum of US$57 million ($77 million).
