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Clearwater sells jack-up rig to Arabian Drilling

29th May 2014

Clearwater Capital Partners, through an entity wholly owned by private investment funds managed by Clearwater, has completed the sale of a Keppel FELS B Class jack-up with hull number B351 to Arabian Drilling Company (ADC)

Clearwater sells jack-up rig to Arabian Drilling Company
The upgrading of Saudi Aramco’s jack-up fleet is driving rig sales

Mohamed Yusof Al-Rafie, chairman of ADC said: “We are pleased to announce the purchase of B351. It will be the fourth jack-up of KFELS B Class in ADC’s offshore fleet. Together with the current high specification jack-ups, this purchase will enable us to offer Saudi Aramco and Al-Khafji Joint operations productive, safe and cost efficient drilling operations.”

Yao Chye Chiang, chief operating officer of Clearwater said: “We are pleased to announce the sale of the B351 jack-up to ADC. This is the first rig of the two rig order we placed with Keppel in late 2013 and provides a substantial return on investment for Clearwater.

“The Keppel FELS B Class is a proven design which has been the rig of choice for leading oil companies in the industry. Our strategy of building proven design rigs and partnering with the world’s leading rig builder has served us well.

“We continue to see strong demand for new high specification jack-ups as the industry continues its rig replacement trend including significant demand from the Middle East for premium equipment where the upgrading of Saudi Aramco’s jack-up fleet remains a key driver.”

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