Mermaid has issued a letter of intent to KeppelFels for the construction of two Mod VB Class jack-up drilling units each valued at $180 million. Deliveries are scheduled for December 2012 and March 2013, respectively.
The deal includes options for two other rigs and the combined value of the four units will be more than $700 million.
The final contract is expected to be awarded in early December after the rig financing and the technical specifications have been finalised.
Mermaid
