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December 16, 2019

Keppel FELS signs jack-up rig sale and leaseback deal with Grupo R

Keppel Offshore & Marine’s (Keppel O&M) subsidiary Keppel FELS has delivered the KFELS B Class jackup rig, Cantarell III, to a fully-owned subsidiary of Grupo R through the signing of a sale and leaseback deal.

By Himaja Ganta

Keppel Offshore & Marine’s (Keppel O&M) subsidiary Keppel FELS has delivered the KFELS B Class jackup rig, Cantarell III, to a fully-owned subsidiary of Grupo R through the signing of a sale and leaseback deal.

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Grupo R signed a sale and leaseback arrangement for the rig. Keppel O&M will buy the rig from Grupo R for $190m, which represents the rig’s balance contract value.

The company has already received 20% down payment of the original contract value for Cantarell III rig when the contract was initially signed in 2013. According to the company, Cantarell III will be leased back to Grupo R on a bareboat charter for over ten years.

Keppel O&M said in a statement: “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, Keppel O&M may, at its discretion, put the rig to Grupo R at a pre-agreed price.”

The company noted that the rig will be deployed to work in offshore Mexico on a charter which will commence during the first quarter of 2020.

Keppel O&M New Builds executive director Tan Leong Peng said: “We are pleased to enter into a mutually beneficial arrangement which will enable Grupo R to deploy another high-performance rig for its operations in Mexico.

“Our first sale and leaseback arrangement with Grupo R on the Cantarell IV has worked well. Cantarell IV, which was warm stacked in our yard from 2016 to the start of 2019, was able to go directly to the field upon delivery and achieve 99% uptime in its operations.”

Cantarell III is capable of operating in water depths of up to 400ft and is equipped with a fully automated rack and pinion jacking system. It also comprises a self-positioning fixation system. With a capacity to drill to depths of 30,000ft, it can accommodate up to 150 persons.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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