Sete Brasil to Negotiate with Winning Company of the Auction for 4 Rigs

Written by Renato Oliveira

Published on 07/05/2019 at 01:00

Updated on 06/05/2019 at 21:06

Sondas serão negociadas com Magni Partners

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Decision of the Sete Brasil Creditors’ Assembly Is to Open Negotiations to Try to Improve Magni Partners’ Proposal Regarding the Bid for the Four Drilling Rigs

In the Sete Brasil creditors’ assembly, the decision was unanimous, to try to improve the proposal of the winner company Magni Partners, concerning the package of four drilling rigs, two under construction at Brasfels, in Angra dos Reis (RJ), and two at Jurong, in Aracruz (ES).
The objective of opening negotiations is to try to improve the proposal of US$ 250 million for the purchase of the rigs Urca, Frade, Arpoador, and Guarapari.

The creditors and Sete Brasil were disappointed with the proposal, which was 54% below the previously stipulated amount (US$ 554 million), and the intention now is also to act in negotiations with the Brasfels and Jurong shipyards, as according to the creditors, the high amounts requested for the completion of the works were one of the reasons for the low value offered for the purchase of the rigs.

ARTICLE CONTINUES BELOW

The Assembly

The assembly decided to hold a new meeting on May 26, with the intention of evaluating the new proposal resulting from the negotiations.

The creditors and Sete Brasil are racing against time, as the pressure exerted by Petrobras has increased considerably, including the sending of penalty letters for delays in the delivery of the units.

The creditors’ attempt to move towards negotiation has little chance of success, as Magni Partners was the only one to present a proposal for the four rigs.

It is worth mentioning that the Brasfels shipyard, controlled by Keppels, only made a proposal for two rigs, those that are under construction, US$ 35 million for Urca and US$ 15 million for Frade.

The creditors of Sete Brasil participating in the process total 22, including the shipyards Keppel Fels and Jurong, that is, 12 shareholders (BTG Pactual, Luce, EIG Global Energy Partners, Lakeshore, Previ, Petros, Funcef, Valia, and FI-FGTS, Santander, Bradesco, and Petrobras), five banks, and five more shipyards.

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Sete Brasil to Negotiate with Winning Company of the Auction for 4 Rigs

Decision of the Sete Brasil Creditors’ Assembly Is to Open Negotiations to Try to Improve Magni Partners’ Proposal Regarding the Bid for the Four Drilling Rigs

The Assembly

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Sete Brasil to Negotiate with Winning Company of the Auction for 4 Rigs

Decision of the Sete Brasil Creditors’ Assembly Is to Open Negotiations to Try to Improve Magni Partners’ Proposal Regarding the Bid for the Four Drilling Rigs

The Assembly

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.

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