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Rowan seals acquisition of Petrobras jackup rigs

Rowan seals acquisition of Petrobras jackup rigs

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Texas-headquartered Rowan Companies has sealed the acquisition of two jackup rigs from Petrobras for $38.5m each.

The 2013-built P-59 and P-60 were the subject of $30m bids from Rowan, the highest bidder in a Petrobras public auction in May last year. The two parties have been negotiating the deal since, and now the deal is sealed Rowan intends to mobilise the rigs to the Middle East before the end of March.

Tom Burke, president and chief executive officer of Rowan Companies, commented, “We consider this purchase an opportunistic investment, made near a cyclical low, at a highly attractive price.”

Rowan also revealed that it had sold 1982-built jackup rig Cecil Provine for scrap, while it has also cold-stacked 1986-built jackup rig Gorilla IV which has recently come off contract.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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