SINGAPORE (Dec 26): Sembcorp Marine announced Tuesday that wholly-owned subsidiary Jurong Shipyard has agreed to sell its semi-submersible rig, West Rigel, for US$500 million (S$672 million).
West Rigel was originally contracted by North Atlantic Rigel (NARL), a subsidiary of North Atlantic Drilling (NADL) and Seadrill. Both Seadrill and NADL have applied for restructuring under Chapter 11 in the United States.
NARL and Jurong Shipyard had entered into a standstill agreement in December 2015, and have extended the agreement to July 2018... (Click here to read the full story.)