Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has fixed a sale and leaseback solution in order to deliver the jackup rig, Cantarell IV, to Mexico’s Grupo R.
, to Mexico’s Grupo R.A Keppel O&M subsidiary has bought the rig from Grupo R for $179m, which is balance contract value and the rig will now be leased back to the Mexican company on a bareboat charter over five years. IPC, the parent company of Grupo R, will provide a parent company guarantee on Grupo R’s charter payment obligations.
Under the bareboat charter, Grupo R has the right to purchase the rig at pre-agreed prices during the term of the bareboat charter.
Cantarell IV will be deployed directly to work in offshore Mexico, under an integrated drilling contract for offshore wells secured by IPC with Pemex, which will commence in early May 2019.
