Sete Brasil creditors approve sale of rigs to UK's Magni Partners - sources

Sete Brasil creditors approve sale of rigs to UK's Magni Partners - sources

Reuters  | Oct 05, 2019 00:00

Sete Brasil creditors approve sale of rigs to UK's Magni Partners - sources

By Aluisio Alves

SAO PAULO (Reuters) - Creditors of Brazilian oil platforms and rigs maker Sete Brasil have approved the sale of four oil exploration rigs to British company Magni Partners, two sources familiar with the deal told Reuters on Friday.

The rigs sold are named Urca, Frade, Arpoador and Guarapari. The four rigs have a 10-year leasing contract with Petrobras (SA:PETR4), which will pay $299,000 per day for each rig when operational, one of the sources said.

The sources, who spoke on condition of anonymity, had no information regarding total value of the deal. A representative of Magni Partners could not immediately be reached for comment.

Sete Brasil, which is under bankruptcy protection, was created in 2010 with the aim of building 29 rigs for the exploration of a prolific pre-salt oil region in Brazil. But lower oil prices and a corruption investigation that engulfed Petrobras ended by hurting those plans.

Among Sete's main creditors are local banks Banco do Brasil (SA:BBAS3), Caixa Econômica Federal, Itaú BBA and Santander (MC:SAN) Brasil (SA:SANB11).

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