Keppel Offshore & Marine Limited (Keppel O&M) has through its wholly-owned subsidiary, Keppel FELS Limited (Keppel FELS), signed a Master Agreement with Borr Drilling Limited (Borr Drilling) for the sale of five jackup rigs for a total value of approximately USD 745M.
These are existing jackup rigs which are currently being built by Keppel FELS to the KFELS B class designs.
The total price of the five rigs excludes any down payments made by the respective original owners.
The Master Agreement will become effective upon the satisfaction of certain conditions, including Borr Drilling raising sufficient funds, and the relevant sales and purchase agreements for the individual rigs having been entered into.
Borr Drilling will pay a first instalment of USD 288M within 20 business days of the effective date of the Master Agreement and the remaining amounts are payable within five years from the respective delivery dates of each individual rig.
The rigs are scheduled to be delivered progressively from 4Q 2019 to 4Q 2020, with one rig to be delivered in 2019 and four rigs in 2020.
