Keppel will build and own the semi-submersible hull, while Smedvig will own the derrick equipment set and be responsible for marketing, management and operation of the unit.
Smedvig's share of capital expenditure for the semi-tender will be about $33 million.
The deal also includes an option for Smedvig to buy the hull during the 10-year period at a pre-agreed price.
The new semi-tender will be based on a similar but improved design and specification to Smedvig's West Setia.
It
