Aquadrill Signs Memorandum Of Understanding With PetroRio For Sale Of Offshore Oil Drilling Rig For $40 Million

Written by Ruth Rodrigues

Published on 14/05/2022 at 04:17

Updated on 17/05/2022 at 11:14

Foto: Divulgação/PetroRio

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After Finalizing the Sale of Aquadrill’s Offshore Drilling Platform, PetroRio Plans to Use the Structure and Equipment to Enhance Its Exploration and Production of Fuel in Brazilian Fields

In a meeting held between the companies last Tuesday (05/10), Aquadrill signed a memorandum of understanding with PetroRio for the future sale of the offshore drilling platform Capricorn. This structure will be essential for the Brazilian company’s operations to become even more efficient and productive in the upcoming drilling in national fields in search of reserves of this fuel.

Offshore Drilling Platform Capricorn to Be Sold by Aquadrill to PetroRio After Signing of Memorandum of Understanding

Aquadrill, formerly known as Seadrill Partners, has a significant presence in the offshore drilling industry worldwide and has now announced another deal with Brazilian companies. PetroRio signed the memorandum of understanding to purchase the Capricorn drilling platform for US$ 40 million, as a way to further expand its search for new oil reserves in national territory and intensify its business in Brazil.

PetroRio reached an agreement with Aquadrill for the purchase of a semi-submersible rig Capricorn for US$ 40 million. US$ 1 million has already been paid for exclusivity. (#PRIO3)

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Additionally, it was announced by the companies that Arctic Offshore Rig acted as a broker in the sale and purchase of the offshore drilling platform. Furthermore, this sale process includes the rig in its current condition along with everything that belongs to it on board or on land. Thus, all equipment on the structure will become PetroRio’s and can be used to boost the company’s business. Therefore, the amount of US$ 40 million covers the entire platform and not just the Capricorn rig, which is the main focus of the transaction.

The projections around the transaction indicate that PetroRio’s strategy regarding the use of the drilling platform aims at leveraging it in national territory. This is because, with its use within Brazilian oil fields, the company eliminates open market bids for drilling units. Additionally, Aquadrill received a non-refundable exclusivity fee of US$ 1 million, along with a deposit of US$ 4 million that will be paid by the buyer by June 22, 2022, as a way to secure the continuity of the sale.

PetroRio Continues Investing in the Purchase of New Rigs and the Offshore Drilling Platform Will Be Essential for the Revitalization of Fields in Brazil

PetroRio made a statement this week in which it asserts that the purchase of Aquadrill’s offshore drilling platform will be primarily targeted at the national market. Thus, the structure, suitable for drilling water depths of 80 to 3,000 meters, will be mainly used in the company’s field revitalization campaigns. However, the company does not rule out the possibility of operations in outsourced services or other business in the sector, as long as they are within national territory.

The company is increasingly seeking new oil reserves and, a few weeks ago, obtained the operating license for drilling new wells in its Frade field in Brazil. Thus, PetroRio sent the semi-submersible rig Norbe VI from Ocyan for the operation, aiming to find new paths for the sector in Brazil. Now, with the purchase of Capricorn, it intends to elevate its levels of exploration and drilling in Brazilian fields.

Finally, Aquadrill is only awaiting the payment of PetroRio’s second debt by the due date in June for the finalization of the transaction over the coming months and the completion of the sale of Capricorn to the Brazilian company.

Aquadrill Signs Memorandum Of Understanding With PetroRio For Sale Of Offshore Oil Drilling Rig For $40 Million

After Finalizing the Sale of Aquadrill’s Offshore Drilling Platform, PetroRio Plans to Use the Structure and Equipment to Enhance Its Exploration and Production of Fuel in Brazilian Fields

Offshore Drilling Platform Capricorn to Be Sold by Aquadrill to PetroRio After Signing of Memorandum of Understanding

PetroRio Continues Investing in the Purchase of New Rigs and the Offshore Drilling Platform Will Be Essential for the Revitalization of Fields in Brazil

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Aquadrill Signs Memorandum Of Understanding With PetroRio For Sale Of Offshore Oil Drilling Rig For $40 Million

After Finalizing the Sale of Aquadrill’s Offshore Drilling Platform, PetroRio Plans to Use the Structure and Equipment to Enhance Its Exploration and Production of Fuel in Brazilian Fields

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