Sembcorp Marine Ltd (the 'Company') refers to the announcement made on October 4, 2016, on a standstill agreement between North Atlantic Drilling Ltd ('NADL') and Jurong Shipyard Pte Ltd ('JSPL'), a wholly owned subsidiary of the Company, for the delivery of the semi-submersible drilling rig, the West Rigel (the 'Unit'). The Company wishes to announce that the standstill agreement has been further extended to July 6, 2017.

During the standstill period, NADL will continue to market the Unit for an acceptable drilling contract and JSPL will have the right to sell the Unit at an acceptable price. The Unit will remain at the JSPL yard in Singapore during this period. In the event that no employment is secured and no alternative transaction is completed when the standstill period concludes, the parties will form a Joint Asset Holding Company for joint ownership of the Unit to be owned 23% by NADL and 77% by JSPL. NADL will continue to market the Unit for the Joint Asset Holding Company for an acceptable drilling contract while JSPL will continue to market the Unit for sale.

For further information, please contact:

Analysts' enquiries:
Ms Lisa Lee
Head of Investor Relations
Tel: +65 6262 7107
Email: lisa.lee@sembmarine.com

Media enquiries:
Mr David Wong
Head of Corporate Communications
Tel: +65 6262 8036
Email: david.wong@sembmarine.com

SCI - SembCorp Industries Ltd. published this content on 09 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 January 2017 06:48:07 UTC.

Original documenthttp://www.sembcorp.com/en/media/media-releases/marine/2017/january/jurong-shipyard-further-extends-standstill-agreement-with-north-atlantic-drilling/

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