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  • Keppel O&M secures another two jackup rig charter contracts worth up to S$120m
  • 2022 May 24 10:51

    Keppel O&M secures another two jackup rig charter contracts worth up to S$120m

    Keppel Offshore & Marine Ltd (Keppel O&M) has, through its wholly-owned subsidiaries, signed contracts for the bareboat charter of another two KFELS B Class rigs to be deployed in the Middle East, according to the company's release.

    The rigs will be chartered to an established drilling company in the Middle East for deployment in 4Q 2022 for a period of three years, with options for a year’s extension. Total revenue from the charters, including the options and modification works by Keppel O&M to prepare the rigs for on-site operations, is expected to be up to S$120m.

    These contracts come on the back of two bareboat charters by Keppel O&M announced on 9 May 2022, reflecting the growing demand for Keppel’s high-quality jackup rigs amidst the improving oil and gas market.

    As part of the definitive agreements Keppel Corporation has signed in connection with the proposed combination of Keppel O&M and Sembcorp Marine, these two rigs and their bareboat charter agreements are part of Keppel O&M’s legacy rigs and will be transferred to Asset Co that is majority-owned by external investors on legal completion.

    The above bareboat charter contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.
     




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