Singapore Stock Market News : SembMarine unit extends standstill agreement for drilling rig

SembMarine unit extends standstill agreement for drilling rig

SINGAPORE (June 8): Sembcorp Marine’s wholly-owned subsidiary Jurong Shipyard has extended a standstill agreement with North Atlantic Drilling to Sept 2, 2016 from the initial deadline in June.

The standstill agreement, which was first announced in December last year, relates to the delivery of a semi-submersible drilling rig known as the West Rigel.

With the extended standstill period, North Atlantic Drilling will continue to market the drilling rig for an acceptable drilling contract, while Jurong Shipyard will have the right to sell it at an acceptable price.

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