In what could be considered the deal of the century, international offshore drilling contractor Ocean Rig has purchased an advanced ultra deepwater drillship at auction for just $65 million in cash. Ocean Rig on Monday announced the acquisition of the drillship Cerrado, a sixth generation drillhip built by Samsung Heavy Industries in 2011. The design of the drillship is … [Read more...]
Offshore Drilling Contractor Schahin Seeking Bankruptcy Protection
(Bloomberg) -- Grupo Schahin filed for Brazil’s equivalent of Chapter 11, becoming the latest Petroleo Brasileiro SA contractor to seek protection from creditors as a corruption probe and a rout in oil prices limit access to funding. Schahin, which owns building and oil rig companies, has about 6.5 billion reais ($2.12 billion) in debt, it said in an e-mailed statement Friday. … [Read more...]
ICBC Invests $1.08 Billion in Brazilian Rig Lease
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 … [Read more...]