PetroRio Buys Ventura’s Atlantic Zephyr Rig For $1

(PetroRio, 21.Dec.2020) — PetroRio signed an agreement with Ventura for the acquisition, for $1 (one US Dollar), of the Atlantic Zephyr rig, a semi-submersible anchored rig suitable for interventions and completions in wells with water depths up to 300m.

This acquisition’s purpose is to reduce operational costs and increase the Tubarão Martelo Field’s efficiency through a significant reduction of the response time to eventual wells shutdowns. This strategy aims to replicate the Polvo Field’s successful model, which achieved efficiency and investments payback records, due to the rig attached to the platform.

The rig is expected to add annual operational and maintenance costs of around $3mn and will avoid the contracting of third-party rigs for field interventions (the field’s water depth requires anchored rigs, which have limited availability in Brazil, and can take several months to deploy). This acquisition will allow workovers to be carried out in 60 to 70 days, at a cost of approximately $9mn (more than 40% less than the cost of a workover carried out with a leased rig).

This move is in line with all of PetroRio’s strategy aspects, improving response times, increasing operational efficiency, reducing operational costs, preserving production and increasing the reliability of its assets.