North Atlantic Drilling Ltd. (NADL), a subsidiary of Seadrill Ltd., disclosed Tuesday that the company and Singapore's Jurong Shipyard Pte Ltd. would extend a standstill agreement for the delivery of the newbuild West Rigel (UDW semisub) by a further three months to Sept. 2, 2016.
The extension of the standstill period allows both parties to continue to explore commercial opportunities for the West Rigel.
"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 percent by the Company and 77 percent by Jurong".
Jurong Shipyard is a wholly owned subsidiary of Sembcorp Marine Ltd.
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