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RIG builder Sembcorp Marine said on Tuesday its unit Jurong Shipyard has extended a standstill agreement with North Atlantic Drilling Ltd (NADL) for the delivery of the West Rigel semi-submersible drilling rig.
The agreement has been extended to Jan 6, 2017.
During the standstill period, NADL will continue to market the unit for an acceptable drilling contract. Jurong Shipyard will also have the right to sell the unit at an acceptable price.
If the unit is not sold when the standstill period concludes, the parties can form a joint asset holding company for joint ownership of the unit to be owned 23 per cent by NADL and 77 per cent by Jurong Shipyard. Both will then jointly try to sell the unit.