Down payments on four jack-up rigs being built by rig contractor Seadrill will not be paid as planned in a rig-building re-finance deal struck between two Asian yards and two Norway-based drilling contractors facing changed economic times.

Instead of the downpayments due, corporate “IOUs” will be guaranteed to PPL Shipyard and Keppel FELS shipyard by Seadrill for two rigs due to be delivered early in 2010. Two rigs due later in the year from the same yards now appear to be “payment on delivery”.

Normally, the yards require payments at various times to pay for steel and suppliers, and building “milestones” reached also demand payment. Seadrill initially ordered two jack-ups at the PPL Shipyard and two jack-ups at Keppel FELS.

“The construction of all four newbuilds will continue under the project supervision of the current project teams sponsored by Seadrill,” a statement from the Bermuda-registered company said late Friday.

Tags: Keppel Offshore & Marine Limited, PPL Shipyard, Seadrill