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Keppel O&M announces novation of contract from BOTL to Borr Drilling
KEPPEL Corporation on Monday said that Keppel Fels, a wholly-owned subsidiary of Keppel Offshore & Marine, has inked a novation agreement with Borr Drilling and BOT Lease Co.
The agreement is to replace the construction contract of the jackup rig currently being built by Keppel Fels for BOTL, to Borr Drilling.
Under the deal terms, Borr Drilling will take over the contract of the jackup rig from BOTL, which has already paid Keppel FELS in full for the rig, except for the portion of extension costs to be due at delivery.
Based on the construction contract, the delivery schedule of the rig remains as January 2020.