Keppel Finds New Customer for Five Oil Drilling Rigs
June 01 2017 - 9:34AM
Dow Jones News
By Gaurav Raghuvanshi
SINGAPORE--Keppel Corp. Ltd. (BN4.SG) Thursday announced that it
has got a new customer for five shallow-water oil drilling rigs
originally ordered by Transocean Ltd.
The contract for the construction of the five jackup rigs will
go to Borr Drilling Ltd., Keppel said in a statement to the
Singapore Exchange.
Keppel, the world's largest builder of offshore oil drilling
rigs, said Borr Drilling will pay US$216 each for the vessels,
compared with the original contract price of US$219 million each.
The rigs will be delivered starting the first quarter of next year,
it said.
The new contract is likely to help Keppel keep its yards busy at
a time when low oil prices have forced many of its customers to
cancel or seek delivery delays of vessels on order. New orders have
reduced to a trickle in recent quarters, forcing layoffs and a
steep decline in profitability.
Write to Gaurav Raghuvanshi at Gaurav.Raghuvanshi@wsj.com
(END) Dow Jones Newswires
June 01, 2017 09:19 ET (13:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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