May 16, 2018

Keppel Offshore & Marine (Keppel O&M) announced that it has secured a master agreement to sell five jackup rigs to drilling contractor Borr Drilling for around US$745 million, and excludes any down payments made by the original owners. These are existing jackup rigs that are being built by Keppel FELS based on the KFELS B class designs. The master agreement is contingent on certain conditions, including Borr Drilling raising sufficient funds. Borr Drilling will pay a first instalment of US$288 million within 20 business days of the effective date of the master agreement and the remaining amounts are payable within 5 years from the delivery date of each individual rig. Share price closed at S$8.160