Keppel FELS enters novation agreement with Borr Drilling

Borr Drilling will take over the construction of the jackup rig for BOT Lease Co.

Keppel Corporation announced that Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine (KOM), has entered into a novation agreement with Borr Drilling and BOT Lease Co. (BOTL), to replace the construction contract of the jackup rig being built by Keppel FELS for BOTL, to Borr Drilling.

Also read: Keppel sells 5 jackup rigs to Borr Drilling for $1b

Under the terms of the novation, Borr Drilling will take over the contract of the jackup rig from BOTL, which has already paid Keppel FELS in full for the rig, except for the portion of extension costs to be due at delivery.

Based on the construction contract, the delivery schedule of the rig remains as January 2020.

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