Keppel O&M to send two oil drilling rigs to Middle East

This comes as the company secured contracts, worth S$120m. 

Keppel Offshore & Marine Ltd. (Keppel O&M) will be deploying two oil drilling rigs to the Middle East after signing contracts worth S$120m. 

The rigs will be deployed in the fourth quarter of the year to a drilling company based in the region for a period of three years. 

“We have built a strong track record and trust in the industry for delivering rigs that are robust, versatile, and capable of working in a wide variety of geographies,” Chris Ong, CEO of Keppel O&M, said.

“The multiple charter contracts that we have recently secured reflect the improving market sentiments, and attest to the value we are able to provide to rig operators with our proven KFELS B Class rigs.”

Ong said the company is also seeing demand for rig charters and sales enquiries to improve.   

“Putting the legacy rigs to work will improve the overall marketability of these assets while reducing holding costs,” he also said. 

“As we secure more bareboat charter contracts, our legacy rigs will become increasingly valuable to both rig operators as well as potential investors.”