Singapore’s Keppel Corp has secured five-year bareboat charters for two legacy jack-up rig newbuildings in deals worth a total of SGD 135m ($97.2m).

The two KFELS B Class rigs have been chartered to ADES Saudi Ltd from the fourth quarter of 2022. They will be employed in Saudi Arabia.

Rig markets have continued to tighten in 2022 with overall utilisation now at its highest level since 2015 and day rates rising noticeably for jack-ups and floaters, according to Clarksons.