SINGAPORE – Sembcorp Marine says its subsidiary Jurong Shipyard has implemented a “standstill agreement” with North Atlantic Drilling Ltd. (NADL) for delivery of the new harsh environment semisubmersible drilling rig, West Rigel.
During the standstill period, which lasts until June 2016, NADL will continue to market the rig for a drilling contract while Jurong retains the right to sell it at an acceptable price.
The rig will remain at Jurong’s yard in Singapore during this period.
If there is no positive outcome when the standstill period expires, the parties will form a joint asset holding company, with NADL owning 23% of the rig and Jurong 77%.
Both parties will then continue their marketing efforts.
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