Bermuda registered rig operator North Atlantic Drilling has extended a standstill deal agreement with Jurong shipyard over the delivery of the newbuild West Rigel semisubmersible drilling rig.
The standstill agreement, set up amid a dire rig market where units are being stacked because there's so little work, has been extended by a further three months to 2 September 2016.
The move allows the parties to continue to explore commercial opportunities for the unit.
If no work is found for the West Rigel, North Atlantic says it and Jurong will form a joint asset holding company for joint ownership of the rig, to be owned 23% by the company and 77% by Jurong.