PetroRio acquires semi-submersible rig for $1

Brazilian energy firm PetroRio has signed an agreement with Ventura for the 1974-built semi-submersible drilling rig Atlantic Zephyr for a nominal price of $1.

According to PetroRio, the purpose of the acquisition is to reduce operational costs and increase the Tubarão Martelo Field’s efficiency through a significant reduction of the response time to eventual wells shutdowns. 

“This strategy aims to replicate the Polvo Field’s successful model, which achieved efficiency and investments payback records, due to the rig attached to the platform,” the company said.

The company expects the rig to add annual operation and maintenance costs of around $3m and will avoid the contracting of third-party rigs for field interventions.

In the meantime, the company signed an agreement with Prisma Capital for the conversion of $100m bridge loan into a long-term financing agreement, extending the dates of the debt amortisations. The purpose of the financing is to provide part of the funds for the OSX-3 FPSO and Tubarão Martelo Field acquisitions.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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