SembMarine to sell West Rigel rig at S$24m loss

Singapore

SEMBCORP Marine confirmed on Tuesday that it has agreed to sell the West Rigel semi-submersible rig to an undisclosed buyer in a US$500 million deal that will result in a loss of about S$24 million.

CIMB analyst Lim Siew Khee noted that SembMarine will incur the S$24 million loss if the sale materialises, taking into account the yard group's 77 per cent share in the transaction will be US$385 million.