Seatrium Secures Over S$500 Million Contract for Completion of Offshore Drilling Rigs

en.Wedoany.com Reported - On October 26, Singapore-based offshore engineering group Seatrium reached an agreement with RigCo Holding, a subsidiary of Keppel Group, to complete the remaining construction work on four offshore drilling units under the existing master service agreement between the two parties, with the total contract value expected to exceed S$500 million. The project involves one seventh-generation deepwater drillship, one harsh-environment jack-up drilling rig, and two mid-water semisubmersible drilling rigs, with the first two scheduled for delivery in 2027 and 2028, respectively.

All four drilling units are owned by RigCo. Completion and delivery of the seventh-generation drillship and the harsh-environment jack-up platform will be prioritized, while the two semisubmersible platforms are intended for harsh-environment operations in Northwestern Europe, with specific completion arrangements still under evaluation. According to the existing project schedule, the seventh-generation drillship Can Do is expected to be delivered in 2027, and the jack-up drilling rig Jasper is expected to be delivered in 2028.

The contract will be funded from RigCo's existing retained cash, and the work will be executed under the master service agreement previously established between the two companies. This completion project involves existing offshore assets with completed hulls and partial construction work, and subsequent work will be organized in phases according to the completion schedules of the different platforms. Seatrium will undertake the completion of the relevant offshore units, while RigCo will be responsible for asset ownership and subsequent leasing arrangements.

This completion work is part of Keppel Group's legacy drilling rig asset disposal plan launched in July 2026. Under the plan, Keppel intends to progressively monetize up to 10 legacy drilling rigs through its managed Keppel Offshore Fund, with Apollo participating as a limited partner. The two units scheduled for delivery in 2027 and 2028 will be arranged for commercial operations in the subsequent leasing market.