Seatrium Limited has announced securing contracts from RigCo Holding, a subsidiary of Keppel Ltd., to complete construction on four high-specification offshore rigs. The contracts, valued at over S$500m, involve a premium seventh-generation drillship, a harsh-environment jack-up rig, and two mid-water semisubmersible rigs. The project is part of an existing master services arrangement between the two companies.
Seatrium’s Executive Vice President, William Gu, highlighted the company’s extensive experience in offshore rig design and construction, noting that “more than two-thirds of the world’s operational jack-up rigs are based on Seatrium’s designs.” He added that the award reflects Seatrium’s ability to deliver complex projects safely and efficiently.
The collaboration comes amid a recovering offshore drilling market, driven by higher utilisation rates and an ageing global rig fleet. Cindy Lim, CEO of Infrastructure at Keppel and Non-Executive Director of RigCo, stated, “The demand for deepwater and harsh environment rigs is expected to increase over the next several years.” The phased completion of these rigs is part of Keppel’s strategy to monetise up to 10 legacy rigs through the Keppel Offshore Fund.
The project underscores Seatrium’s position as a trusted partner in offshore energy projects and highlights the improving fundamentals of the offshore drilling market. The drillship and jack-up rig are expected to be delivered in 2027 and 2028, respectively, with plans for the remaining rigs still under assessment.
