Corporate digest

Sembcorp Marine

SEMBCORP Marine said the standstill agreement between its unit Jurong Shipyard Pte Ltd (JSPL) and North Atlantic Drilling Ltd (NADL) for the delivery of the semi-submersible drilling rig, the West Rigel, has been extended to Sept 2, 2016.

During the standstill period, NADL will continue to market the rig for an acceptable drilling contract and JSPL will have the right to sell the rig at an acceptable price. Meanwhile, the rig stays at JSPL's yard in Singapore.

If a drilling contract cannot be secured for the rig and no alternative transaction is completed by the September deadline, the parties will form a company for joint ownership of the rig. In that company, 23 per cent will be owned by NADL and 77 per cent by JSPL. NADL will continue to market the rig for the joint asset holding firm while JSPL will continue to mar…