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Sete Brasil receives $3.7 billion loan to build nine offshore rigs

20th January 2014

The company will use the funds from the BNDES to construct nine offshore rigs, which will eventually lead to the creation of about 10,000 jobs

Oil rig off the coast of Brazil

Sete Brazil has received $3.7 billion in long-term financing from the Brazilian Development Bank (BNDES). It intends to use the cash to invest in the construction of nine offshore drilling rigs, where seven will be used for drillships as well as two semi-submersibles.

The company has become the world’s largest enterprise that deals with ultra-deepwater rigs and a major global player in offshore drilling, having more than $ 80 billion in contracts.

The rigs are currently being built in five Brazilian shipyards and the first one is expected to be delivered in 2015.

Sete Brasil is the country’s biggest offshore drilling contractor, containing a fleet of 29 units which are capable of generating around 10,000 direct jobs aboard their facilities when they are all in operation.

Petrobras will use the rigs for exploration in the pre-salt offshore areas. The expression “pre-salt” refers to an accumulation of rocks located offshore that have the potential to accumulate oil.

The term “pre-salt” came about because of the rock intervals that are formed offshore, which exist under an extensive layer of salt, in certain areas of the coast that can be as much as 2,000 meters thick.

The “pre” expression is used because over time these rocks were deposited before the salt layer.

The overall depth of these rocks, specifically the distance between the surface of the sea and the oil reservoirs beneath the salt layer, can reach as much as 7,000 meters.


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