Seatrium will complete four RigCo rigs under an existing master services arrangement, with the combined contract value estimated at more than S$500 million. RigCo, a wholly owned subsidiary of Keppel, will pay for the work from its existing cash holdings, according to the companies’ 26 October 2026 announcement.
The drillship is expected to be delivered in 2027 and the jack-up in 2028. Plans to finish the two semi-submersibles remain under review.
Owned by RigCo, the four units comprise a seventh-generation drillship, a jack-up built for harsh operating environments and two mid-water semi-submersibles designed for demanding conditions in Northwest Europe.
The staged completion supports a programme Keppel outlined in July 2026 to monetise as many as 10 legacy rigs using the Keppel Offshore Fund. Keppel manages the fund, with Apollo participating as a limited partner. Delivery of the drillship and jack-up is intended to prepare them for chartering and support subsequent monetisation.
RigCo also owns six completed jack-ups. Deliveries and customer leases for those units began in 2022, while the four rigs covered by this arrangement make up its remaining unfinished portfolio.
Cindy Lim, chief executive of Keppel’s infrastructure business and a non-executive director of RigCo, said discussions with customers were informing the company’s efforts to bring its unfinished rigs into income-generating service. She expects demand to increase over the coming years for deepwater drilling units and rigs capable of working in harsh environments.
The companies said their market outlook reflected rising utilisation, an ageing fleet and restricted supply. They pointed to more than a decade of subdued newbuilding, the withdrawal of older rigs and greater concern over energy security.
