Petrobras gives go-ahead for 26 offshore drilling rigs

Source: Petrobras 

Petrobras announces the outcome of negotiations with Sete Brasil and Ocean Rig, both tenderers for the charter and operation of drilling rigs to be manufactured in Brazil.

The Company approved contracts for 21 offline rigs with Sete Brasil, at an average daily rate of US$ 530,000 and for 5 dual-activity rigs with Ocean Rig, at an average daily rate of US$ 548,000, both with a 15-year term.

All units, for which mandatory domestically-sourced products and services ranges from 55% to 65%, are to be delivered within 48 to 90 months, according to the schedules laid down in the contracts. The project includes the construction of new Brazilian shipyards and the use of existing infrastructure.

The contract also stipulates that average daily rates will be cut if exemptions are granted for PIS/COFINS taxes, subject to the final financing conditions agreed between the companies and the Brazilian Development Bank – BNDES. Petrobras expects to reduce average daily rate to US$ 500,000 for Sete Brasil and US$ 535,000 for Ocean Rig. These amounts could be cut further if the parties manage to identify and agree on mechanisms for reducing operating costs.

The awarding of these contracts means that Petrobras has fully implemented its plan to contract 28 (twenty-eight) drilling rigs to be built in Brazil, in order to meet the long-term demands of its drilling program, primarily for pre-salt oil wells. Based on the terms and conditions submitted by the tenderers and on current demand for future project development, Petrobras opted to take advantage of the negotiated conditions to order a further five rigs, not originally planned.

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