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SembMarine reaches standstill agreement for West Rigel rig
Delivery would be at a standstill until June 2016.
As Sembcorp’s marine arm continues to market its West Rigel rig for an acceptable drilling contract, it announced that a standstill agreement has been reached between North Atlantic Drilling (NAD) and Jurong Shipyard, its subsidiary.
According to a report by OCBC, Jurong will also have the right to sell the unit at an acceptable price.
“In the event that nothing materializes during this period, a joint asset holding company will be formed to own the rig (23% by NAD and 77% by Jurong),” OCBC said.
Meanwhile, OCBC said that this move is expected as there talks of NAD reevaluating delivery of the rig had already been circulating.
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