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Singapore firm to build five new oil rigs for Petrobras

07th August 2012

Keppel O&M has inked a USD 4.1bn deal for five additional semisubmersible offshore drilling rigs to be chartered to Brazilian oil giant Petrobras

Keppel to build five new oil rigs for Petrobras
The rigs will be chartered to Petrobras for 15 years for well drilling in the pre-salt layer of the Santos Basin, where they will operate in water depths of 3,000m and drill wells of up to 10,000m

Singapore-based Keppel Offshore & Marine (Keppel O&M) has hashed a USD 4.1bn deal to build five semisubmersible offshore drilling rigs to be chartered to Brazilian oil giant Petrobras, Keppel said in a press release on Tuesday.

“The preparation work on the semis is well underway, and we are ready to embark on their construction at our BrasFELS yard in Brazil,” Keppel O&M CEO Tong Chong Heong said.

The floating and semisubmersible platforms will have 55-65 per cent of local content. The rigs will be based on Keppel's proprietary DSS 38E design, making them suitable for deepwater operations in the “Golden Triangle” region off Brazil, Africa, Gulf of Mexico, the firm said.

The rigs are scheduled for delivery from the fourth quarter of 2016 through the third quarter of 2019. They will be chartered to Petrobras for 15 years for well drilling in the pre-salt layer of the Santos Basin, where they will operate in water depths of 3,000m and drill wells of up to 10,000m.

“Petrobras’ stake in the pre-salt area holds an estimated 7.6-8.7 billion barrels of oil and gas potential, in addition to the right to explore 5 billion barrels of oil equivalent in the Cessão Onerosa area,” Petrobras told OGT last month.

Brazil’s pre-salt area holds an estimated 80 billion barrels of oil equivalent located deep below the ocean floor.
In December 2011, Keppel O&M secured a contract from Sete Brasil to build one semi to the same DSS 38E design for delivery from BrasFELS in Q4 2015.

The six drilling rigs are part of a 21-rig package announced by Petrobras in February. The Brazilian oil giant approved their construction last month. The move could help Petrobras recover energy output after its negative exploration and production balance in Q2 this year. The firm hopes output will return to 2011 levels in Q4 2012.

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