Borr Drilling

Under the amended framework deed, Keppel O&M will receive more cash payments earlier.

Borr Drilling has also agreed to pay Sembcorp Marine's wholly-owned subsidiary, PPL Shipyard, an extension fee.

The deferment comes after Keppel O&M entered into a framework deed on June 5, 2020, to defer the delivery of the rigs to 2022.

Under the agreement, Keppel O&M will defer the scheduled delivery of five jackup rigs to Borr Drilling to 2022. The rigs will be delivered progressively. Borr Drilling will cover holding costs for all the deferred deliveries.

SINGAPORE (Dec 17): UOB Kay Hian is maintaining a “market weight” rating on Singapore’s shipyards, with Sembcorp Industries (SCI) as its preferred pick.

SINGAPORE (June 13): Keppel Offshore & Marine’s (Keppel O&M) subsidiary, Keppel FELS, has delivered its second jack-up rig for the year to Borr Drilling’s subsidiary Borr Skald – safely, on time, and on budget.

SINGAPORE (May 16): Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary, Keppel FELS, has signed a master agreement to sell five jackup rigs to Borr Drilling for a total value of US$745 million ($993 million).

SINGAPORE (Mar 28): CIMB is hopeful Sembcorp Marine will be able to secure at least $3 billion in orders in 2018 supported by sizeable production and gas projects.

SINGAPORE (Jan 19): Keppel Corp says discussions in relation to the possible sale of jack-up rigs to Borr Drilling are ongoing.

SINGAPORE (Oct 9): The sale of nine undelivered jackup rigs by Norwegian Borr Drilling is welcome relief for Sembcorp Marine, says CIMB.