Anchored rigs postponed for August

July 25, 2019

Bidding conducted under the reverse auction system is postponed and remains undefined.

Almost six months after the original receipt of the proposals, Petrobras’ bid for the chartering of up to three anchored rigs remains open.

Lot 1 – geared to two units for 750 m of water depth – had its commercial proposals opened in April and continues without any definition signal, the delivery date for Lot 2 (a 400 m rig) was again postponed, now for August 7th.

Conducted under the reverse auction system, the bidding was launched at the beginning of the year, marking the first rig process carried out based on the new methodology, provided for in the rules of the State Company Law 13,303.

Given the high prices presented in Lot 1, it is doubtful whether the oil company will actually open the Lot 2 bids or whether it will cancel.

Brazil PGP (Shandong Offshore) and Constellation had the lowest daily rates for lot 1, of US $ 168 thousand / day and US $ 168.9 thousand / day, respectively. The figures did not meet Petrobras expectations, which aimed at a rate of US $ 100,000 / d to US $ 120,000 / d.

Both Brazil PGP’s bid for the Tiger III drillship and Constellation’s bid for the Gold Star semi-submersible were above the amount secured by Petrobras for the chartering of a 2.4 thousand rig. m In this case, Constellation signed a contract with the oil company for about US $ 160,000 / day for the BM-S-11 project.

Anchored rigs will be used in abandonment and work-over campaigns. The market’s bet is that a significant portion of the work will be directed to the assets included in Petrobras’ divestment program and Campos Basin projects.

Due to the delay in the process, some of the offered rigs are already committed to other projects. The anchor segment is at a different pace from the dynamic positioning rig (DP) market, with few units available for operation.

In all, six companies submitted bids, offering a total of eight rigs. In addition to Brazil PGP and Constellation – which also bid for Tiger II and Lone Star, respectively – and Noble with Paul Romano, the competition was disputed by Frigstad / COSL (North Dragon), Petroserv (SSV Victoria). , and Ocyan (Norbe VI).

The Brazil PGP also secured the third best bid, with the rate of $ 178,500 / day. Followed by Noble, Frigstad, Constellation, Petroserv and Ocyan. The difference between the winning bid and the last bid ($ 370K / day) was over 100%.

Source: BE Petroleum

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