Keppel O&M receives US$160m for delivery of 1 of 3 jackup rigs to ADNOC

The company expects to receive US$352m for all three rigs.

Keppel Offshore & Marine (Keppel O&M) has received payment of US$160m for delivering the first of the three rigs novated by Borr Driling to ADNOC Drilling Company PJSC (ADNOC Drilling).

Once all three rigs have been delivered, Keppel O&M expects to receive a total payment of US$352m.

The three rigs were part of a series of five rigs that Keppel FELS, a wholly-owned subsidiary of Keppel O&M, had been building for Borr Drilling. 

On 12 October, Keppel O&M entered into an agreement with Borr Drilling and certain of its subsidiaries to accelerate the delivery of three jackup rigs to Borr Drilling, or a third party to whom Borr Drilling intends to sell the rigs, between October 2022 and July
2023. 

The construction contracts for the three rigs have since been novated by Borr Drilling to ADNOC Drilling.