RigCo and Seatrium agree to finish four rigs for more than S$500 million
Delivery of a drillship and a jackup rig is expected in 2027 and 2028, respectively, while plans for two other rigs remain under assessment.
Keppel subsidiary RigCo and Seatrium have agreed on construction work to finish four offshore rigs, with an estimated contract value exceeding S$500 million. In a joint statement on Oct 26, the companies said RigCo would finance the work from its existing cash reserves.
The agreement covers a premium drillship of the seventh generation, a jackup rig built for harsh environments and two mid-water semisubmersibles intended to operate in harsh conditions in north-west Europe. Work will proceed under the companies’ existing master services arrangement.
RigCo is expected to receive the drillship in 2027 and the jackup in 2028. The companies said completion would prepare them for potential charters and subsequent monetisation through the Keppel Offshore Fund. Construction plans for the two semisubmersibles are still being evaluated.
The work is part of a programme Keppel announced in July 2026 to monetise up to 10 legacy rigs progressively through the fund. Keppel manages the fund, with Apollo investing as a limited partner.
The companies said offshore rig market conditions were improving after more than a decade of limited new construction and the gradual retirement of older vessels. Cindy Lim, Keppel’s infrastructure chief executive and a non-executive director of RigCo, said demand for deepwater rigs and those suited to harsh environments was expected to rise over the next several years.
