By P.R. Venkat

Singapore's Keppel Corp. has reached an agreement with Borr Drilling Ltd. to defer the delivery of five jackup rigs as part of the Oslo-listed company's measures to deal with weakening market conditions.

The delivery of the rigs have been now deferred to 2022, Keppel said Friday.

According to the original schedule, three of the five rigs were due to be delivered by the third quarter of this year and the rest in the first quarter of 2022.

"Borr Drilling is to pay holding costs and/or cost cover in respect of all the deferred deliveries," Keppel said. 



  Write to P.R. Venkat at venkat.pr@wsj.com