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Keppel Offshore & Marine has accomplished the modification works for 4 KFELS B Class jack-up rigs which can be deployed on bareboat charters in Saudi Arabia this month.
The rigs are being chartered in pairs to Arabian Drilling Firm (ADC) and ADES Saudi Restricted Firm and are anticipated to generate a complete constitution income of about $175 million over three to 5 years.
These 4 rigs and their bareboat constitution agreements type a part of Keppel O&M’s legacy rigs and can be transferred to Asset Co, which is majority-owned by exterior buyers, upon completion of the proposed mixture of Keppel O&M and Sembcorp Marine.
The rigs chartered to ADC, Arab Drill 110 and Arab Drill 120, had been handed over on October 13 on the shipyard with Abdullah Al Mahdi, the Ambassador of Saudi Arabia to Singapore, because the visitor of honor. The rigs are on bareboat constitution contracts for 3 years with choices for a yr’s extension and can be deployed in Saudi Arabia to work for Saudi Aramco, the nation’s nationwide oil firm.
The rigs for ADES, ADMarine 683 and ADMarine 684, which had their modification works accomplished earlier this month, have been chartered for 5 years and are additionally deployed to Saudi Arabia for Saudi Aramco.
Constructed to Keppel O&M’s proprietary KFELS B-Class design, the 4 trendy high-specification rigs can function in water depths of as much as 400 toes and drill to 30,000 toes deep. In preparation for his or her charters in Saudi Arabia, these rigs have been additional personalized to work for Saudi Aramco.
“We’re happy that 4 of our rig belongings are being put to productive work and can quickly generate recurring earnings as they embark on their constitution contracts with our valued clients ADC and ADES. The mission groups at Keppel O&M have labored laborious to expedite the rigs’ modification works, enabling these belongings to start out their charters on schedule in Saudi Arabia.”
“As utilization and day charges proceed to rise, we’re seeing demand for contemporary, high-specification jack-up rigs develop. Driving on this rising demand, all our legacy KFELS B-Class rigs have been contracted. Operationally prepared rigs with good observe information and secure money flows are enticing belongings that can get pleasure from a robust benefit with operators and buyers. We’re assured that our clients will respect the sturdy worth proposition that Keppel’s top quality and cost-effective rig belongings present,” Tan Leong Peng, Managing Director for Newbuilds at Keppel O&M, stated.
To contact the writer, e-mail username.eldina@gmail.com
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