(TN) Brazilian oilfield services player Ocyan has secured a trio of contracts with Petrobras. The drilling services company participated in the oil company’s bid to charter deepwater drilling units. Of the 12 units in dispute, in the three proposed lots, Ocyan won in lot 2 with two assets (ODNI I and ODN II) and in lot 3 with Norbe VI.
“It is an important achievement because many companies were in dispute with different rigs. Winning reinforces Ocyan’s strategic position with operators in the drilling area, mainly in the domestic market. With guaranteed contracts, we can look to the future, to new opportunities and new businesses”, celebrated Ocyan’s executive vice president of drilling, Heitor Gioppo.
The drillships were contracted for a period of 1,095 days (three years), with possible extensions for the same period. All rigs in this tender currently have active contracts, two of them with Petrobras and one with PRIO. With this achievement, Ocyan’s fleet now has a backlog of 5,480 days.
Currently, Norbe VI has an active contract until August 2023. ODN I has an active contract until January 2023. ODN II, in turn, is the first rig to operate in the Equatorial Margin and will remain in place until December 2023, when it will be able to execute the new contract.
“The rigs for this major contract will only start work after the current contracts expire. The expectation is that by 2026 they will be active for these contracts, which will give Ocyan a lot of peace of mind”, explained Gioppo. He also recalls that the rig will need some time to adapt to a new contract, especially in the case of ODN II, which will be coming from operations on the Equatorial Margin.
Financial terms were not disclosed but the three combined contracts are expected to be worth more than $1.1 billion.
Brazil Energy Insight 
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