The rig was due for delivery during the current quarter from SembMarine's Jurong Shipyard, at which point a final instalment payment of $455 million would have been due. However, NADL has been having trouble finding work for the newbuild which led to the standstill agreement.
During the standstill period, which runs to June 2016, NADL will continue to market the rig for an acceptable contract while SembMarine's Jurong subsidiary has the right to sell the unit at an acceptable price.
SembMarine
