Keppel finds sale and leaseback solution to deliver Mexican jackup

Keppel finds sale and leaseback solution to deliver Mexican jackup

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.

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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