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Sembcorp Marine and North Atlantic Drilling extends standstill agreement

Samantha Chiew Published on Fri, Jul 07, 2017 / 7:42 AM GMT+8

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SINGAPORE (July 7): Sembcorp Marine today announced that its subsidiary, Jurong Shipyard, is extending its standstill agreement with North Atlantic Drilling, for the delivery of the semi-submersible drilling rig, the West Rigel.

The agreement, which was initially announced on Jan 9, 2017, will be further extended to January 6, 2018.

During this standstill period, North Atlantic Drilling will continue to market the West Rigel for an acceptable drilling contract, although Jurong Shipyard can sell it to a buyer if the price is right.

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