ICBC Invests $1.08 Billion in Brazilian Rig Lease

ss pantanal semi-submersible rig
SS Pantanal, via CIMC Raffles

ICBC Financial Leading Company Ltd, an arm of the world’s largest bank, last week signed a $1.08 billion deal with Brazilian industrial conglomerate Schahin, for the leasing of two of the company’s semi-submersible drilling rigs, SS Pantanal and SS Amazonia.

According to CIMC Raffles, the builder of the two rigs, the two rigs will subsequently go to work for Petrobras offshore Brazil.

This is the first time a Chinese financial leasing company has participated in the Brazilian offshore market, according to CIMC Raffles.

“The project deepens commercial and financial cooperation between China and Brazil and supports the export of Chinese high-tech equipment. Simultaneously, it will lead the marketing promotion and demonstration for Chinese financial agencies entering the American offshore market,” notes CIMC.