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Created in 2010 to meet Petrobras' demand for pre-salt rigs, Sete Brasil signed charter contracts with Petrobras for the construction of 28 rigs. Most of the equipment has not even begun to be built. The approval of the company's recovery plan is conditional on the sale of the units.
The sale of the four rigs of Sete Brasil started with many reservations and prices below the minimum value of US$ 554 million. The expectation is that at least the Norwegian Seadrill and Borr Drilling, which are considered favorites, will present proposals. Seadrill for having a strong interest in strengthening the asset portfolio in Brazil, which is currently restricted to just two contracts: one with Petrobras, which expires this year, another with Equinor and Borr Drilling, which still does not have a contract in Brazil and aims to guarantee its entry into the country.
Transcocean and Ensco also evaluated the business opportunity. Another possible candidate is Odfjell, which also does not have a contract in Brazil, a company that, like Seadrill, was scheduled to participate in the original Sete Brasil project, as the operator of part of the units.
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The Brazilian companies Ocyan, Diamond Offshore and Petroserv decided not to compete for the purchase of the units, as well as QGOG Constellation, which a few weeks ago was asked by Borr Drilling about a possible partnership aimed at the business, but the Brazilian company was not interested, since, at the moment, the group is focused on securing contracts for its own units, but there is no restriction on eventual participation in the future.
The opening of the prices presented this Wednesday, the 27th, will take place today, in the courtroom of the 3rd Corporate Court of Rio de Janeiro, where the judicial recovery process of Sete Brasil is being processed. In which the creditors of Sete Brasil will be present
Sete Brasil and Alvarez & Marsal Advogados, the firm that advises the company on the sale of the rigs, will have 15 days to evaluate the proposals and announce the result. The offer may be settled in installments, provided that the last installment is paid before the delivery of the unit. If the proposals received come below the minimum price of US$ 554 million, as stipulated in the notice, the creditors will have to decide whether or not to accept the amount offered.
Sete Brasil's debt amounts to around US$ 5 billion, and the projection is that only 10% of this amount will be paid off. The group's list of creditors involves 22 companies - 12 shareholders (BTG Pactual, Luce, EIG Global Energy Partners, Lakeshore, Previ, Petros, Funcef, Valia and FI-FGTS, Santander, Bradesco and Petrobras), five creditor banks and five shipyards .
The minimum amount stipulated in the notice is intended exclusively for the payment of Sete Brasil. In addition to the amount earmarked for the acquisition of the units, there are also investments that will have to be made to ensure the conclusion of the works on the rigs. Market estimates project a total price of around US$ 1,25 billion, an amount that will account for Sete Brasil's share.
The acquisition of the units guarantees the buyer a contract with Petrobras for ten years, with a daily rate of US$ 299, an amount well above the contractual amounts practiced at the time. The operation involves two drillships (Arpoador and Guarapari) and two semi-submersibles (Urca and Frade), under construction at the Jurong and Brasfels shipyards, respectively.
A risk factor for the business is that Sete Brasil faces a judicial recovery process and had its name involved in the corruption scandals of Operation Lava Jato, another factor is the fact that Petrobras can cancel the charter contract for the units after one year of operation, if poor performance of the equipment or the operating company is proven.
Since Sete Brasil must conclude negotiations at the end of April, the market predicts that the first two units will only be completed in 2020, even though the public notice stipulates that the first rig will be completed in 2019 and the others in subsequent years. .
