Singapore’s Keppel Offshore & Marine has completed modification works for four jack-up rigs for which it has secured be bareboat charters offshore Saudi Arabia.Keppel O&M is chartering two of the rigs apiece to Arabian Drilling Company (ADC) and ADES Saudi on contracts worth a total of around S$250 million (US$175.5 million) over three to five years.The jack-ups ARABDRILL 110 and ARABDRILL 120, which are being chartered by ADC, were handed over on 13 October. These rigs have secured three-year bareboat charters with options for a further 12 months’ extension. Meanwhile, ADES is chartering on five-year terms the rigs ADMARINE 683 and ADMARINE 684 that had their modification work completed earlier this month.All four of the jack-ups will be working in Saudi Arabia for national oil company Saudi Aramco.Built to Keppel O&M’s proprietary KFels B Class design, the four modern high-specification rigs are able to operate in water depths of up to 400 feet and drill to depths of 30,000 feet. In preparation for their charters in Saudi Arabia, the quartet was further customised to work for Aramco.These four rigs and their bareboat charter agreements form part of Keppel O&M’s legacy rigs and will be transferred to Asset Co, which is majority-owned by external investors, upon completion of the proposed merger between Keppel O&M and compatriot Sembcorp Marine.“We are pleased that four of our rig assets are being put to productive work and will soon generate recurring income as they embark on their charter contracts with our valued customers ADC and ADES. The project teams at Keppel O&M have worked hard to expedite the rigs’ modification works, enabling these assets to start their charters on schedule in Saudi Arabia,” said Tan Leong Peng, managing director (newbuilds) of Keppel O&M said.“As utilisation and dayrates continue to rise, we are seeing demand for modern, high specification jack-up rigs grow. Riding on this growing demand, all our legacy KFels B Class rigs have been contracted. Operationally ready rigs with good track records and stable cash flows are attractive assets that will enjoy a strong advantage with operators and investors. We are confident that our customers will appreciate the strong value proposition that Keppel’s high quality and cost-effective rig assets provide.”
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