Clearwater sells Keppel B class jack-up to ADC

Clearwater Capital Partners, through an entity wholly owned by private investment funds managed by Clearwater, has completed the sale of a Keppel FELS B Class jack-up rig with hull number B351 to Arabian Drilling Company (“ADC”).

Mohamed Yusof Al-Rafie, Chairman of Arabian Drilling Company said, “We are pleased to announce the purchase of B351. It will be the fourth rig of KFELS B Class in ADC’s offshore fleet. Together with the current high specification jack-ups, this purchase will enable us to offer Saudi Aramco and Al-Khafji Joint operations (AGOC/ KGOC) productive, safe and cost efficient drilling operations.”

Dr. Yao Chye Chiang, Chief Operating Officer of Clearwater said, “We are pleased to announce the sale of the B351 jack-up rig to ADC. This is the first rig of the two rig order we placed with Keppel in late 2013 and provides a substantial return on investment for Clearwater.

“The Keppel FELS B Class is a proven design which has been the rig of choice for leading oil companies in the industry. Our strategy of building proven design rigs and partnering with the world’s leading rig builder has served us well.

“We continue to see strong demand for new high specification jack-up rigs as the industry continues its rig replacement trend including significant demand from the Middle East for premium equipment where the upgrading of Saudi Aramco’s jack-up fleet remains a key driver.”

Press Release, May 29, 2014

 

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