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Singapore’s Keppel Offshore & Marine has, by way of its subsidiaries, inked offers with increasing offshore rig operator ADES for the utilisation of two jackup rigs to be deployed in Saudi Arabia.
The five-year bareboat contracts ought to begin within the fourth quarter of 2022 and generate income of about S$135m ($98m) for Keppel O&M, together with modification works to arrange them for deployment.
Final month, Keppel O&M introduced the termination of newbuild rig offers with an affiliate of Clearwater Capital Companions and Fecon Worldwide, which will likely be used to fulfil the newest contracts.
In accordance with a report by Clarksons Analysis from April, rig markets have continued to tighten in 2022, with general utilisation now at its highest stage since 2015 and dayrates for jackups and floaters rising noticeably.
“We proceed to see sturdy demand for our rigs, and are actively pursuing extra charters, in addition to gross sales alternatives. Our early success at securing new bareboat charters is not going to solely allow us to start out producing income and money flows from the legacy belongings but additionally enhance the general marketability of our rigs as we construct up their operational observe information,” stated Chris Ong, CEO of Keppel O&M.
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