March 20, 2017 / 2:04 PM / 2 years ago

BRIEF-Keppel Corp says unit signed agreement with Borr Drilling for Transocean rigs

March 20 (Reuters) - Keppel Corporation Limited:

* Keppel signs heads of agreement with borr drilling for transocean rigs

* Under new agreement, Borr Drilling will take over contracts and undertake remaining payment installments to Keppel Fels

* Price for each rig is usd$216 million, compared to original price of usd$219 million

* Under agreement construction contracts for five jackup rigs currently being built by Keppel Fels for Transocean will be novated to Borr Drilling

* Completion of transaction is expected to take place before end of may 2017

* Transaction will not have any material impact on net tangible assets & earnings per share of Keppel Corp for FY17

* "Borr Drilling will also make a down payment of usd$275 million"

* Keppel Offshore & Marine Ltd has entered into a heads of agreement with Borr Drilling Ltd of Bermuda Source text for Eikon: Further company coverage:

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