Keppel O&M units tie up with Sete Brasil to construct six drilling rigs

Fernvale will have full ownership over the unconstructed rigs.

Keppel Offshore & Marine (Keppel O&M)'s subsidiaries, Fernvale and FELS Offshore, have entered a settlement agreement with six subsidiaries of Sete Brasil: Urca, Frade, Bracuhy, Portogalo, Mangaratiba and Botinas to construct each of the company’s semi-submersible drilling rigs.

Fernvale will take full ownership over the four uncompleted rigs under Brachuy, Portogalo, Mangaratiba and Botinas.

As for Urca and Frade, a sum of US$260m will be recognised as part of the undisputed debt included in Sete Brasil's court-approved Judicial Reorganisation Plan.

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