Keppel signs deal with Borr Drilling for Transocean rigs

Singapore

KEPPEL FELS, a unit of Keppel Offshore & Marine, has signed a heads of agreement with Borr Drilling of Bermuda, with the approval of Transocean, whereby the construction contracts for the five jackup rigs currently being built by Keppel FELS for Transocean will be novated to Borr Drilling.

The transaction is subject to all three parties signing definitive agreements and satisfying formal closing conditions. The transaction is expected to be completed before the end of May 2017.