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The Administrative Council for Economic Defense (Cade) approved, without restrictions, the acquisition, by MIC Capital Partners (a company of the Mubadala group) and Magni Partners, of companies with a specific purpose whose purpose is to own and manage the Arpoador, Guarapari rigs, Urca e Frade, from Sete Brasil.
The transaction marks an important stage in the Brazilian group's judicial reorganization plan, as Magni Partners was the winner of the auction for the sale of the Sete Brasil rigs, held in April 2019. The offer submitted by the company was US $ 296 million .
In order to make the project viable, the operation was divided into three stages: first, Magni and Mubadala will create a joint venture, called Knarr Drilling, for the acquisition (direct or indirect) of the four rigs, which remain chartered by Petrobras.
Then Etesco will set up Operating Co. to operate the four rigs. For this to be effective, the original rig operators, currently hired by Petrobras, will have to assign drilling service contracts to Operating Co., and the foreign affiliate for international procurement and the performance of other activities abroad.
Finally, as soon as the rigs are delivered and go into operation, Knarr should acquire the shares of Etesco, including Operating Co .. At the moment, Brasfels shipyard (RJ) is building the Urca and Frade rigs, while Jurong Aracruz ( ES) is in charge of the construction of the Arpoador and Guarapari drillships.
“From a strategic point of view, the applicants stressed that the transaction represents a business opportunity for Mubadala, which, as a (non-strategic) financial investor, intends to benefit from the potential increase in the value of its investment. For Magni Partners, it represents an opportunity for the acquisition of Sete Brasil's assets with attractive market value and profitability in order to constitute a well-established and financially healthy company. For Etesco, it would represent an opportunity for the expansion of its business and its economic results in the drilling services sector ”, says the excerpt from Cade's opinion.
MIC Capital Partners is part of the Mubadala group, a publicly-held corporation in Abu Dhabi, which has investments in a wide range of sectors, including energy, oil and gas, petrochemicals, utilities, among others.
Magni Partners is a financial services company based in Bermuda, with investments in the oil and gas sector. She is one of the minority shareholders of Borr Drilling, a company specializing in providing drilling services.
Etesco is a Brazilian conglomerate that operates in three main sectors: infrastructure (gas pipelines, refineries, etc.), services (water and sewage treatment, dredging, among others) and oil and gas (drilling, completion, production and storage).
Created in 2010 to meet the demand for Petrobras' rigs in the pre-salt layer, Sete Brasil signed charter contracts with the oil company for the construction of 28 equipment capable of operating in 3,000 m of water depth.
The group's financial problems began with the first scandals of Operation Lava Jato. Sunk in debt, Sete was unable to proceed with the contracting of the works for the units and today has a liability of around US $ 5 billion. The company's judicial reorganization process is conducted by the 3rd Corporate Court of the Court of Justice of Rio de Janeiro.
Source: Petroleo Hoje
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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