Brazil-focused driller Ventura Offshore has signed a binding memorandum of agreement Umas 1 AS for the acquisition of a semisub drilling rig.
The gross purchase price for the 2012-built Catarina is $105m, $100m of which will be settled in cash while the remaining $5m will be settled in Ventura shares. Delivery of the rig is expected to occur near the end of July 2024. Catarina is currently managed by Ventura and subject to the completion of the acquisition, the management agreement for the rig will be terminated.
The company will receive a $7m net mobilization fee from Eni, the charterer of the rig, bringing the net purchase price to $98m.
Umas 1 will, also be entitled to a cashflow compensation for five years from delivery of the Catarina. In addition to the $105m, the seller will receive 17.5% of the free cashflow generated by the rig.
The cash part of the purchase price for the rig will be secured through a private placement and a $55m bond tap issue of the company’s existing senior secured bonds.
Furthermore, Ventura has received a credit-approved term sheet for a $30m super senior revolving credit facility which secures liquidity and covers working capital requirements for the operations of the company’s drilling rigs.
Earlier this week, Ventura Offshore was granted exclusive marketing rights from Hanwha Drilling to market the 7th-generation drillship Tidal Action, formerly known as the West Libra, for an ongoing tender process in Brazil.
