North Atlantic Drilling (NADL) has given itself another three months to try and resolve its standstill with Singapore’s Jurong Shipyard over the delivery of the sixth generation harsh environment semi-submersible drilling rig, the West Rigel.
The rig was originally due to be delivered at the end of last year.
NADL has since been trying to find a commercial deal for the rig.
A company spokesperson said: “Today the company announces an amendment has been agreed with Jurong Shipyard Pte Ltd (“Jurong”), which extends the delivery deferral period by a further three months to September 2, 2016. The extension allows the parties to continue to explore commercial opportunities for the unit.
“As previously agreed, in the event no employment is secured for the Unit and no alternative transaction is completed, the company and Jurong will form a Joint Asset Holding Company for joint ownership of the Unit, to be owned 23% by the Company and 77% by Jurong.”