Ocean Rig Pays Just $65 Million for Ultra Deepwater Drillship at Auction

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...]