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SembMarine could take $15 mil hit from sale of nine rigs to Borr Drilling for $1.8 bil

PC Lee Published on Sat, Oct 07, 2017 / 2:03 PM GMT+8

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SINGAPORE (Oct 7): A subsidiary of Sembcorp Marine is selling nine Pacific Class 400 jackup drilling rigs, consisting six rigs from terminated contracts and three rigs still under various stages of completion.

PPL Shipyard on Friday signed agreements for the sale of the jackups to Borr Drilling for US$1.3 billion ($1.77 billion), plus a market-based fee calculated based on an uplift in value of the rigs sold.

According to the filing, “the sale of the nine jackup rigs will collectively result in a loss of approximately S$15 million” if the market-based fee and interest at market rates are excluded.

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SembMarine could take $15 mil hit from sale of nine rigs to Borr Drilling for $1.8 bil