North Atlantic Drilling (NADL) agreed a standstill agreement with Jurong Shipyard after failing to shift a sixth generation harsh environment semi-submersible drilling rig.
NADL will continue to market the West Rigel until June next year. The rig will remain at the shipyard as both Jurong and NADL consider other commercial opportunities for the Unit during this period.
In the event no employment is secured and no alternative transaction is completed when the standstill period concludes, NADL and Jurong have agreed to form a Joint Asset Holding Company for joint ownership of the Unit to be owned 23% by NADL and 77% by Jurong.