Company Briefs:Keppel Corporation

Keppel Corporation

Keppel Offshore & Marine unit Keppel Fels has delivered the first of five oil rigs to Oslo-based drilling contractor Borr Drilling in the latest sign that the offshore industry is starting to recover from its worst-ever downturn. The new rig is built to Keppel's proprietary KFELS Super B Class design, which can operate at a depth of 400 feet and drill to 35,000 ft.

Keppel O&M said in June last year that Borr would take over the construction contracts of five jack-up rigs ordered by Transocean in 2013 for US$1.1 billion. Under the new deal, Borr will take over the contracts and undertake the remaining payment instalments to Keppel Fels.

Borr bought each rig at US$216 million.

The first three rigs will be delivered between 2017 and 2018, and the remaining two, in 2020.

Singapore Airlines

NEW DELHI • Tata Group and Singapore Airlines (SIA) are open to bid for indebted state-run Air India, Vistara's chief executive officer Leslie Thng told reporters yesterday, although it was not clear whether such an approach, if taken, would be done jointly.

Tata Group and SIA run an airline called Vistara in India through a joint venture.

"The two promoters are open to evaluate bids for Air India. They keep an open mind," Mr Thng told a news conference.

Air India, founded in the 1930s by the Tata Group before it was nationalised in 1953, is saddled with a debt burden of US$8.5 billion (S$11.3 billion) and a bloated cost structure.

The Tata Group was interested in bidding for state-owned Air India, its chairman N. Chandrasekaran said late last year.


Summit Power International

A subsidiary of Summit Power International, which plans to list on the Singapore Exchange early this year, has awarded a 15-year contract for support vessels at its liquefied natural gas (LNG) terminal in Bangladesh.

Under the deal, PSA Marine Bangladesh, part of PSA International, will provide berthing, mooring, pilot and personnel transfer services to LNG ships calling at Summit's LNG terminal.

PSA Marine Bangladesh will have three escort tugboats, one fast crew boat and one offshore supply vessel to provide these services, expected to start in early 2019.

A version of this article appeared in the print edition of The Straits Times on January 06, 2018, with the headline 'Company Briefs'. Subscribe