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From The Oil And Gas Sector, PetroRio Closed A Contract With Ventura For The Acquisition Of The Semi-Submersible Platform Atlantic Zephyr
PetroRio, a Brazilian company focused on oil and gas production, purchased from Ventura Petroleum a semi-submersible platform, the Atlantic Zephyr. The platform, built in 1973, is suitable for interventions and completions in wells up to 300 meters deep. The acquisition aims to reduce operational costs and increase the efficiency of the Tubarão Martelo Field.
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The Brazilian company stated that “This strategy aims to replicate the successful model applied to the Polvo Field, which, due to having a drilling rig installed on the platform, has achieved records of efficiency and investment payback.”
According to the document, the platform is expected to increase operating and maintenance costs by approximately US$ 3 million per year and will eliminate the need to hire third-party rigs for on-site intervention.
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Furthermore, this purchase will allow the workover to be completed in 60 to 70 days at a cost of approximately US$ 9 million, more than 40% lower than the cost of workover for repairing rented platforms.
PetroRio Signs With Prisma Capital For Financing
PetroRio also signed an agreement with Prisma Capital to convert a US$ 100 million bridge loan into a long-term financing contract, extending the debt amortization date.
The financing aims to make part of the funds available for the acquisition of the FPSO OSX-3 oil fields and the Tubarão Martelo Field, with an extension of this deadline anticipated, awaiting the adequacy of the guarantee and maintaining the same interest rate.
The long-term financing contract maintains the principal and will pay US$ 25 million in four equal installments in July 2021, January 2022, July 2022, and January 2023.
