Norwegian offshore drilling services provider Seadrill has agreed with the Singapore-based PPL Shipyard and Keppel FELS to make certain amendments to the construction agreements for four new jack-up drilling rigs entered into in June 2008.
Seadrill initially ordered two jack-ups at the PPL Shipyard and two jack-ups at Keppel FELS for delivery scheduled in 2010.
According to the company, in the amendments to the existing contracts, the yards have agreed to postpone all remaining payments for the second units to be built at both yards until delivery and revise the payment schedule for the first two units.
The company has agreed to issue corporate guarantees for the remaining installments on the first two units; however, no corporate guarantees have been provided for payments of the second units at the yards. As such, the construction of all four newbuilds will continue under the project supervision of the current project teams sponsored by Seadrill.
Seadrill is a Bermuda-based international offshore drilling contractor with main offices in Norway, Singapore and the UK. The company claims to have 43 drilling units, out of which 11 are under construction. Seadrill’s fleet includes semi-submersibles, jack-ups, shallow and deep water tender rigs and deepwater drillships . In addition, Seadrill provides platform drilling, well intervention and engineering services.