Britain's Magni to buy four rigs from Keppel and SMM

The rigs will be chartered to Brazilian petrol firm Petrobras over a 10-year lease.

British investment company Magni Partners has inked a deal with Sete Brazil creditors to purchase four unfinished ultra-deepwater rigs from Keppel and SMM’s Brazilian yards, according to a press release.

Also read: Keppel O&M ties up with Sete Brazil to construct six drilling rigs

Keppel is in discussions with Magni to complete the construction of Sete Brazil’s two semi-submersibles Urca and Frade and will also acquire the remaining four incomplete semi-subs named Bracuhy, Portogalo, Mangaratiba, and Botina.

A sum of $358m (US$260m) linked to Urca and Frade will be recognised as debt in Sete Brazil’s Judicial Reorganisation Plan and will be paid proportionally to Keppel and Sete Group’s other creditors.

Keppel has provided a total of $655m (US$475m) and collected $1.79b (US$1.3b) for the disputed semi-subs.

Based on the last transacted contract with Awilco back in March and the original contracted price of around $1.1b (US$800m) for Sete Brazil, Keppel could add a total of $229m (US$166m) to $436m (US$316m) to complete work on Urca and Frade.

SMM is estimated to append up to $262m (US$190m) for its two drillships.

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