Transocean said to be eyeing Sembmarine's West Rigel rig

Singapore

TALK about New York-listed Transocean looking to acquire the US$568 million West Rigel has buoyed hopes over Sembcorp Marine emerging unscathed from the insolvency risk confronting the rig's originally intended owner, Seadrill.

A UOB Kay Hian research note on Thursday flagged market talk that Transocean may acquire the West Rigel rig that is currently held by Sembmarine under a standstill agreement with Seadrill's 70.4 per cent-owned subsidiary, North Atlantic Drilling Limited.

North Atlantic commissioned Sembmarine to build the semisub at a contracted value of US$568 millio…