SINGAPORE (Dec 26): Sembcorp Marine announced Tuesday that wholly-owned subsidiary Jurong Shipyard has agreed to sell its semi-submersible rig, West Rigel, for US$500 million ($672 million).

West Rigel was originally contracted by North Atlantic Rigel (NARL), a subsidiary of North Atlantic Drilling (NADL) and Seadrill. Both Seadrill and NADL have applied for restructuring under Chapter 11 in the United States.

NARL and Jurong Shipyard had entered into a standstill agreement in December 2015, and have extended the agreement to July 2018.

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