By Gaurav Raghuvanshi

SINGAPORE--Keppel Corp. Ltd. (BN4.SG) Wednesday said it has signed a deal to sell five existing drilling rigs to Borr Drilling Ltd. for US$745 million.

The five jackup rigs, currently under construction, will be delivered starting the fourth quarter of next year, Keppel said in a statement to the Singapore Exchange.

The price excludes any down payments made by the original customers for the rigs, it said.

The sale allows the world's biggest drilling rigs builder to realise sales revenues from the vessels after their original customers backed out from the contracts. Keppel didn't name the original customers.

The agreement "demonstrates that rig owners continue to look for reliable, high quality rigs," Keppel said.

-Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

May 15, 2018 20:43 ET (00:43 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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