Keppel signs charter contracts with ADES for three jackups
Keppel Offshore & Marine subsidiaries have entered bareboat charter contracts with ADES Saudi Arabia Ltd. for two KFELS B Class jackup drilling rigs, Cantarell III and Cantarell IV.
Both are in Mexico. They will be renamed ADM685 and ADM686 and transported to Saudi Arabia for modifications prior to starting their five-year charters for ADES in the first half of next year.
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Keppel anticipates total revenues of about S$155 million (US$113 million).
The arrangement follows the termination of sale and leaseback arrangements for the rigs between the owners and subsidiaries of Mexican drilling contractor Grupo R.
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The owners will retain all payments received to date under these bareboat charters and have retaken possession of the rigs from Grupo R.
Source: Offshore Mag
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