As a Drilling Specialist, Atlantica Tender Drilling Received a Contract Extension for One of Its Units with Petrobras in Brazil.
Atlantica said last Thursday that Petrobras had exercised its right to extend the contract for the BassDrill Beta by 180 days. The extension starts in September 2019 and goes until March 2020. Atlantica has two semi-submersible units, the BassDrill Beta and the Delta. The semi-submersible vessel BassDrill Beta is from a Bassoe Technology project, Sweden BT 3500 TSV delivered in 2013.
According to data from Bassoe Offshore, Beta has been working for Petrobras since 2014 and the daily rate for the unit under the current contract is US $ 179,000. Additionally, according to Bassoe, Petrobras has extension options until Q2 2020.
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It is worth noting that earlier this month, Atlantica and Energy Drilling signed a letter of intent to merge the two companies. This transaction is expected to create the second largest drilling contractor with five rigs representing 17% of the bidding market.
The transaction is expected to be completed in early Q3 2019, subject to shareholder approval and refinancing of existing credit lines.
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