Seatrium Inks $390M Deal to Complete Four Offshore Rigs for Keppel’s Rigco

Singapore's Seatrium has secured an agreement with Keppel's subsidiary RigCo to complete construction work on four offshore drilling rigs under an existing master services arrangement, with the total estimated contract value exceeding $390 million (S$500 million).

The four rigs comprise a premium seventh-generation drillship, a harsh environment jack-up and two mid-water semisubmersibles designed for operations in the harsh conditions of Northwest Europe.

The construction work will be funded by existing cash retained in RigCo, a wholly-owned subsidiary of Keppel.

The drillship is expected to be delivered to RigCo in 2027, followed by the harsh environment jack-up in 2028, positioning both units for charter opportunities and monetisation through the Keppel Offshore Fund.

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