Petro Rio Acquires the Capricorn Semi-sub from Aquadrill

Source: www.gulfoilandgas.com 5/10/2022, Location: South America

Petro Rio has entered into an agreement with Aquadrill that gives PRIO the opportunity to acquire the Capricorn semi-submersible rig.

The semi-submersible hybrid Rig, suitable for drilling water depths of 80 to 3,000 meters, will be primarily used in PRIO’s fields’ revitalization campaigns, although it could also be leased to third parties in the future.

The total acquisition price is US$ 40 million, of which US$ 1 million has already been paid as an exclusivity fee, US$ 4 million if PRIO decides to proceed with the purchase until June 22, 2022 (the agreement is terminated with no penalties if the payment is not made) and the balance of the acquisition is due upon delivery of the rig or on August 05, 2022, whichever takes place first.

Closing of the transaction is subject to customary closing procedures and conditions.


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