Keppel Enters into 2nd Framework Deed with Borr Drilling

Source: www.gulfoilandgas.com 1/28/2021, Location: Asia

Keppel Corporation Limited refers to its announcement dated 5 June 2020 on the entry into of a Framework Deed between Keppel Offshore & Marine Limited (Keppel O&M), through its wholly-owned subsidiaries, Keppel FELS Limited and Offshore Partners Pte. Ltd., and 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.

Keppel O&M has entered into a Second Framework Deed with Borr Drilling and certain of its subsidiaries to further defer the scheduled delivery of the five jackup rigs to 2023, to be delivered progressively with the first delivery in May 2023 and the final delivery in December 2023. At any time prior to delivery to Borr Drilling, Keppel O&M may sell any of the undelivered rigs to a third party, provided Keppel O&M had notified Borr Drilling of the intent to sell and given Borr Drilling the option to purchase that rig.

As mentioned in the announcement dated 5 June 2020, three of the rigs which have been delivered to Borr Drilling remain partially financed by Keppel O&M through a seller’s credit arrangement. The Second Framework Deed further provides that in respect of such seller’s credit arrangement (a) interest accruing up to the third anniversary of the drawdown date be deferred to May 2023 (b) interest accruing from the third to the fourth anniversary of the drawdown date be payable on the fourth anniversary of the drawdown date and (c) the final maturity date be deferred by one year.

The Second 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. The entry into of the Second 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.


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