• 2020 June 5 13:01

    Keppel enters into framework deed with Borr Drilling to defer scheduled delivery of rigs

    Keppel Offshore & Marine Limited (Keppel O&M) has through its wholly-owned subsidiaries, Keppel FELS Limited and Offshore Partners Pte. Ltd., entered into a Framework Deed with Borr Drilling Limited (Borr Drilling) and certain of its subsidiaries pursuant to which Keppel O&M agreed to, among other things, defer the scheduled delivery of five jackup rigs to Borr Drilling to 2022, to be delivered progressively, the company said in its release.

    These five jackup rigs are part of the 11 jackup rigs ordered by Borr Drillling, six of which have been delivered to date. This follows the announcement by Borr Drilling on 20 May 20201 that it had, in response to the weakening market, entered into discussions with its lenders and shipyards to, among other things, postpone yard commitments, adjust covenants and reduce amortisation as well as defer cash interest payment to strengthen its liquidity situation.

    Based on the original delivery schedule, three out of the five rigs were scheduled for delivery by 3Q2020 and the remaining two rigs by 1Q2022. Pursuant to the terms of the Framework Deed, the delivery of one rig will be deferred to 2Q2022 while the remaining four rigs are to be delivered by 3Q2022. Borr Drilling is to pay holding costs and/or cost cover in respect of all the deferred deliveries. Of the six delivered rigs, three have been paid in full.

    Similar to the original contracts with Borr Drilling, three of the delivered rigs will remain partially financed by Keppel O&M through a seller’s credit arrangement of approximately US$272.7 million in aggregate. Keppel O&M has a first lien in respect of these three delivered rigs. Two out of the five rigs which are to be delivered in 2022 will on delivery be partially financed by Keppel O&M through a seller’s credit arrangement, and on delivery Keppel O&M will have a first lien in respect of these two rigs.

    Subject to the entry into of definitive agreements, another two of the five rigs will also on delivery be partially financed by Keppel O&M through a seller’s credit arrangement and Keppel O&M will on delivery have a first lien in respect of these two rigs. The seller’s credit arrangements will amount to approximately US$415.3 million in aggregate. There is no seller’s credit arrangement in respect of the fifth rig. The Framework Deed will become effective upon the satisfaction of certain conditions, including the obtaining of key creditor consents by Borr Drilling for, among others, deferral of principal and/or interest payments under certain credit facilities, sale and purchase and construction agreements and the relaxing of certain restrictive covenants. The entry into of the Framework Deed is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

2020 July 10

18:04 HHLA implements machine learning for the first time to increase productivity
18:01 Port of HaminaKotka throughput in 6M’2020 fell by 14.2% YoY
17:38 Information on the seaport of Murmansk changed in the Register of Russian Seaports
17:13 Thun Tankers takes delivery of the fifth L-class at China Merchants Jinling Shipyard
16:52 Russian Railways: Loading of export cargo bound for domestic ports up 3.3%
16:33 Valenciaport reaffirms its leadership as the first Spanish port at UNCTAD index
16:03 Port of Marseille to maintain €57 million in investments to stimulate the recovery
15:43 DNV GL launch support for new Dynamic Positioning system failure guideline enabling quicker and cost effective implementation
15:30 Volga Shipping Company delivered project cargo to the Caspian Sea
15:13 COVID-19 causes problems for implementing EU legislation - BIMCO
14:48 Throughput of Russian seaports in HI’2020 grew by 0.1% Y-o-Y
14:23 Wärtsilä simulator complex delivered to enhance operations at the Training and Education Office of the Indonesian National Police
14:03 Port of Oakland imports up 1.9 percent in June 2020
13:44 Onezhsky Shipyard delivers hybrid workboats Anatoly Klimov and Victor Vorotylo (video)
13:22 Governments of 12 countries pledge action for seafarers at crucial crew change summit
13:19 GTT receives an order from Hudong-Zhonghua Shipbuilding for the tank design of three new LNG carriers
13:01 Sredne-Nevsky Shipyard commenced making hull of yet another minesweeper of Project 12700, Aleksandrit
12:38 Throughput of Murmansk Sea Fishing Port fell by 12.7% in HI’2020
12:13 Nuclear-powered icebreakers of Rosatomflot assisted 462 ship calls in winter-spring navigation season
11:35 Construction commences on Austal's largest ever ferry
11:04 GIWACAF launches webinar series on oil spill preparedness and response
10:46 FSUE “Rosmorport” takes award-winning place in the annual sailing regatta
10:32 LR to develop structural digital twin for Bluewater FPSO Glas Dowr
10:22 Rosmorport changes tariffs on berth assignment services in Astrakhan and Olya seaports
09:59 Bunker prices are slightly up at the Port of Saint-Petersburg, Russia (graph)
09:37 Oil prices decrease amid concern over demand recovery rates
09:20 Baltic Dry Index as of July 9
09:11 MABUX: Bunker market this morning, July 10

2020 July 9

19:03 OOCL receives Gold Award from the HKAEE for the fourth time
18:10 Aquila Power Catamarans announce a luxuriously versatile new model
17:55 Tallink Grupp’s vessel Sailor to operate on Paldiski-Kapellskär Route from Sunday
17:31 Bunker prices are flat at the Far East ports of Russia (graph)
17:28 Port of Rotterdam to start trial with PIN-free container handling
17:18 Damen holds keel-laying for Port of Auckland’s fully electric RSD-E Tug 2513
17:12 Diana Shipping announces time charter contract for m/v Selina with ST Shipping
16:44 "K" Line participates in JV for FPSO owning and chartering business offshore Brazil
16:23 Jan De Nul Group has started offshore installation activities in Taiwan
16:06 Port of Liepaja throughput in 6M’2020 fell by 15.6% Y-o-Y
15:48 Russia remains in Paris MOU’s White List
15:24 PD Ports submit response to national Freeport consultation
15:03 Khabarovsk Territory Governor Sergey Furgal detained by officials of Russia’s Investigative Committee
14:39 Aibel awarded Oseberg portfolio agreement
13:47 Ukraine is still on Paris MOU’s Black List
13:22 MOL announces joint development of energy-saving rudder
12:50 Container shipments on Russian Railways’ network up 15% in 1H 2020
12:17 Cargo transhipment in North Sea Port falls by more than 11% in first half of year
12:07 ABB teams up with Yinson on offshore oil and gas project in Brazil
11:20 FPSO operators could save £15 million per asset on maintenance
10:42 The CMA CGM Group commits to fight illicit trafficking in protected species and tightens its shipment control procedures
10:10 Unifeeder contracts We4Sea for fleetwide vessel performance monitoring
09:38 MABUX: Bunker market this morning, July 09
09:29 Oil market sees mixed price movements
09:13 Baltic Dry Index as of July 8

2020 July 8

18:11 Carnival Cruise Line sets ship delivery changes and related deployment plans
17:50 POWERGLOBE seeks for 10 years LNG vessel charter-agreement
17:27 Maritime partners unveil Autonomous Guard Vessel
17:03 THE Alliance announces COVID-19 response measures for August 2020
16:48 SaR operation in Singapore: man overboard incident
16:20 Throughput of Rostov-on-Don port in 6M’2020 grew by 10% Y-o-Y
16:13 Maritime industry calls for EU political leadership on seafarers