Sembmarine stands to offload West Rigel rig in US$500m resale deal
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Singapore
A DEAL involving the resale of the West Rigel semi-submersible rig, pegged at around US$500 million, from a subsidiary of John Fredriksen-controlled Seadrill to a US-based fund house is in the works, spelling possible progress in resolving the overhang on Sembcorp Marine's yet-to-be-delivered rig-building order book.
Trade newsletter, Asia Pacific Offshore, reported that West Rigel was rumoured to be sold to a New York-based investment company at US$501 million. But a broker source told BT: "The deal is not done yet ... buyers have time to close the transaction." He added that the resale price is now fixed at US$500 million or about 75 per cent of replacement for the North Atlantic Drilling's (NADL) book value of the rig.
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