Keppel Corporation Limited has announced that Keppel FELS Limited, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (“KOM”), has entered into a novation agreement with Borr Drilling Limited and BOT Lease Co., Ltd. (“BOTL”), to novate the construction contract of the jackup rig currently being built by Keppel FELS for BOTL, to Borr Drilling, the company said in its release.
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.