First rig equipped with Keppel’s proprietary RigCare digital solutions that will significantly transform the efficiency, safety and operability of the rig.
Keppel FELS has delivered the jackup rig, Cantarell IV, to Grupo R with a perfect safety record. As part of the deal, Grupo R has entered into a sale and leaseback agreement with FELS Asset.
FELS Asset will purchase the rig from Grupo R for US$179m which is equivalent to the balance contract value of the rig. Cantarell IV will be leased back to Grupo R on a bareboat charter at competitive day rates over five years. IPC, the parent company of Grupo R, will provide a Parent Company Guarantee on Grupo R’s charter payment obligations.
Under the bareboat charter, Grupo R has the right to purchase the rig at pre-agreed prices during the term of the bareboat charter. After the fifth year, FELS Asset may, at its discretion, put the rig to Grupo R at a pre-agreed price.
Cantarell IV will be deployed directly to work in offshore Mexico, under an integrated drilling contract for offshore wells secured by IPC with Pemex, which will commence in early May 2019.