Singapore’s Keppel today announced that a conditional contract, signed by the company with “Naftogaz of Ukraine” (Naftogaz) last year, for the construction of two semi-submersible drilling rigs will not take effect.
The company said in a press release that “the contract will not be taking effect as certain conditions within the timeline set were not met.”
“Keppel will continue to seek opportunities where we can support Naftogaz in their E&P activities,” Singapore’s rig builder further said.
Under the conditional agreement, Keppel was expected to construct two semi-submersible drilling rigs of Keppel’s DSSTM 38U design,which would be customised for the Black Sea environment. The harsh weather conditions of the Black Sea include extreme freezing temperatures, storms with strong winds and heavy seas.