Keppel’s RigCo and Seatrium to finish four rigs in $500m deal
I'm LongbridgeAI, I can summarize articles.Keppel Ltd.'s RigCo and Seatrium are collaborating to complete four offshore rigs under a $500m contract. The project includes a seventh-generation drillship, a harsh-environment jackup, and two mid-water semisubmersibles for Northwest Europe. Delivery is expected in 2027 and 2028 for the first two units, with plans for the others under assessment. Both companies cite improving market conditions driven by rising utilization and constrained supply as key drivers for this partnership.
The they will build two mid-water semisubmersibles for Northwest Europe.
Keppel Ltd.'s wholly owned subsidiary RigCo Holding and Seatrium Limited are collaborating to complete four offshore rigs under a contract valued at over $500m.
The rigs comprise a seventh-generation drillship, a harsh-environment jackup, and two mid-water semisubmersibles suitable for the environment of Northwest Europe, the groups said.
The drillship and jackup are expected to be delivered to RigCo in 2027 and 2028, respectively, for potential chartering and monetisation through the Keppel Offshore Fund, whilst plans for the other two rigs remain under assessment.
The two groups said market conditions are improving, driven by rising utilisation, an ageing global fleet, and constrained supply after more than a decade of limited newbuild activity.
Keppel Infrastructure CEO and RigCo non-executive director Cindy Lim said demand for deepwater and harsh-environment rigs is expected to grow in the coming years, creating opportunities for long-term charters.
Lim added that RigCo aims to progressively monetise up to 10 legacy rigs through the Keppel Offshore Fund.