Magni Partners Beats Brasfels' Proposal for Sete Brasil's Rigs

Magni Partners Beats Brasfels’ Proposal for Sete Brasil’s Rigs

Written by Renato Oliveira

Published on 17/04/2019 at 13:02

Updated on 17/04/2019 at 13:54

Sondas da sete brasil

Seja o primeiro a reagir!

Magni Partners’ Proposal Outshines That of Estaleiro Brasfels in Angra dos Reis, but Is 54% Below Minimum Floor and Will Need Creditor Approval

Magni Partners has taken the lead over Brasfels in the bidding for the acquisition of the rigs, it is worth noting that the shipyard only submitted a proposal to acquire the two rigs under construction (semi-submersibles Urca and Frade) while Magni Partners submitted proposals for all four (including the drillships Arpoador and Guarapari).

Although the proposals to acquire the four rigs from Sete Brasil with construction halted at the Brasfels shipyards in Angra dos Reis (RJ) and Jurong in Aracruz (ES) were submitted on April 4, only now has the office responsible for the judicial recovery process of Sete Brasil, Licks Contadores Associado, released the results of the submitted proposals.
The delay, according to the office, was due to the need for a thorough analysis of the proposals and the values presented.

ARTICLE CONTINUES BELOW

The Creditors

Although there was an expectation that the proposals would come in below the established floor, Sete Brasil, Alvarez & Marsal, and the Licks Contadores Associados office expressed support for the approval of the proposal by the creditors, as they see it as the last opportunity to recover some of the losses incurred by Sete Brasil.

The meeting with the creditors is expected to be scheduled before the end of this April, but first, the creditors must present the proposals for analysis by their boards, and only after obtaining approval will the assembly be scheduled, meaning that it may take place in the first week of May.

The creditors’ assembly can make several decisions, such as approving Magni Partners’ proposal, requesting improvements, rejecting and opening a new bidding process, or simply rejecting and calling for Sete Brasil’s bankruptcy.
One last option could be requesting the shipyards to revise their budgets to finish the rigs, as it is estimated that high values may have impacted the submitted offers.

Sete Brasil’s total debt is US$ 5 billion, and the plan is for only 10% of that amount to be settled with the bidding for the sale of the four rigs.
If the creditors approve Magni Partners’ proposal, Petrobras (the contractor for the rigs for ten years) will still need to approve the presence of Etesco as the operator of the rigs.

Would Petrobras’ Profit Be Enough to Subsidize Fuel Prices? Read More About This Controversial Topic Here!

Magni Partners Beats Brasfels’ Proposal for Sete Brasil’s Rigs

Magni Partners’ Proposal Outshines That of Estaleiro Brasfels in Angra dos Reis, but Is 54% Below Minimum Floor and Will Need Creditor Approval

The Creditors

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

A survey shows that Samsung phones cost up to 36% less in Paraguay than in Brazil, but before crossing the border, you need to add the cost of travel, accommodation, IOF, and store fees that can eat up all the savings that seemed guaranteed.

Scientists warn and cities must prepare as urban noise is making millions sick; noise pollution causes 48,000 cases of heart disease per year and affects the sleep of 6.5 million people.

CEFET opens a new selection process for a Substitute Professor position with a salary of up to R$ 8,000 and R$ 1,192.00 for food to work in MG.

A creature with 20 arms gliding through the icy waters of Antarctica surprises researchers and intrigues science: the discovery of the genus Promachocrinus fragarius reveals unusual life forms and raises an inevitable question — how many marine “aliens” have yet to be found?

Shotcrete replaces manual plastering, can double or even triple productivity on site, and delivers more uniform walls; this industrialized technique has been gaining ground precisely where there is a lack of skilled labor.

Magni Partners Beats Brasfels’ Proposal for Sete Brasil’s Rigs

Magni Partners’ Proposal Outshines That of Estaleiro Brasfels in Angra dos Reis, but Is 54% Below Minimum Floor and Will Need Creditor Approval

The Creditors

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

Scientists discover unexpected climate benefit hidden in forest soils related to atmospheric methane absorption.

Sandy unproductive land can become a highly profitable area with a simple technique that boosts soybeans and corn to over 100 sacks.

The new Kia hatch will have a range of up to 480 km, may cost up to 25,000 euros (around R$ 150,000), and promises to become one of the most affordable electric cars in Europe; meet the Kia Picanto Electric.

Viih Tube, former BBB contestant and millionaire, lives in a mansion worth R$ 8.5 million with a heated artificial lake, two cinemas, a complete spa, and a giant playroom of 120 m² for the couple’s children.

Labor shortages in the construction industry in the United States surge, and 499,000 workers need to be urgently hired to fill open positions and support ongoing large-scale projects.

A survey shows that Samsung phones cost up to 36% less in Paraguay than in Brazil, but before crossing the border, you need to add the cost of travel, accommodation, IOF, and store fees that can eat up all the savings that seemed guaranteed.

Scientists warn and cities must prepare as urban noise is making millions sick; noise pollution causes 48,000 cases of heart disease per year and affects the sleep of 6.5 million people.

CEFET opens a new selection process for a Substitute Professor position with a salary of up to R$ 8,000 and R$ 1,192.00 for food to work in MG.

A creature with 20 arms gliding through the icy waters of Antarctica surprises researchers and intrigues science: the discovery of the genus Promachocrinus fragarius reveals unusual life forms and raises an inevitable question — how many marine “aliens” have yet to be found?

Shotcrete replaces manual plastering, can double or even triple productivity on site, and delivers more uniform walls; this industrialized technique has been gaining ground precisely where there is a lack of skilled labor.