Sembcorp Marine has finally found a buyer for a semi-submersible drilling rig that has been on its books since late 2015.
An unidentified buyer has agreed to pay $500m for the West Rigel. However, the Singapore company will still book a loss of SGD 24m ($17.8m) on the transaction.
“Under the terms of the agreement, the sale is subject to conditions precedent being met by both parties before the delivery of the rig and the payment of the price,” Sembcorp Marine said.
