Page 15 - LatAmOil Week 17 2021

LatAmOil NEWS IN BRIEF LatAmOil

Trinidad and Tobago as stated in Maersk Drill- that included a successful tender to purchase
ing’s recent fleet status report. $255mn of the 6.500% Senior Notes due 2024 to
Maersk Drilling, April 23 2021 be funded with a combination of cash in hand
and a $150mn new issuance from the reopen-
TechnipFMC wins subsea ing of the 5.500% Senior Notes due 2027. As
part of this process, the tender included a con-
contract for Petrobras’ sent solicitation to align covenants of the 2024
Notes to those of the 2027 Notes. The new notes
Seadrill’s CEO Stuart Jackson commented: Marlim and Voador fields offering and the tender offer are scheduled to
“This further broadening of our long-standing close on Friday, April 23, and Monday, April 26,
relationship with Equinor is a testament to the TechnipFMC has been awarded a significant respectively.
experience and consistent operational excellence subsea contract from Petrobras for the Marlim The reopening of the 2027 Notes was priced
of our team. The West Saturn’s planned upgrades and Voador fields, located offshore Brazil. Tech- above par at 101.875%, representing a yield to
are a key development in Seadrill’s innovation nipFMC will supply up to eight manifolds for maturity of 5.117%. This yield reflects a nega-
pipeline, as the adoption of new technologies production and injection, utilising the all-elec- tive concession of 2.3 bps relative to the yield to
will improve drilling efficiency and reduce the tric Robotic Valve Controller (RVC). The con- maturity of the day before pricing. Total demand
environmental footprint of Seadrill and our tract also includes associated tools, spares and reached over $780mn at its peak and ended at
clients.” services. over $540mn. The transaction was oversub-
Seadrill, April 27 2021 The RVC is a unique robotic technology that scribed by more than 3.5 times from diversified,
replaces traditional subsea hydraulics, as well as top-tier institutional investors.
Maersk Discoverer to drill thousands of mechanical parts, while providing reduction process, with total financial debt
Rationale and Benefits: Initiated a debt
real-time data and analysis on system perfor-
one well offshore Guyana mance. This results in a manifold that is smaller, being reduced by $105mn while maintaining a
less complex and less costly with a significantly solid balance sheet with a pro-forma cash posi-
Maersk Drilling has been awarded a one-well reduced carbon footprint. Moreover, the RVC’s tion of approximately $70mn. Reduced the cost
contract by CGX Resources, operator and joint software can be remotely upgraded and main- of debt with annual interest savings of approx-
venture partner with Frontera Energy Guyana tained subsea, increasing the overall reliability imately $9mn. Enhanced financial profile with
Corp, for the semi-submersible rig Maersk Dis- and availability of the subsea system. debt maturities extended by 2.3 years. An over-
coverer to perform exploration drilling in the Jonathan Landes, President Subsea at Tech- all debt structure that provides greater flexibility
Corentyne Block offshore Guyana. nipFMC, commented: “We are honored that with 25% of outstanding financial debt maturing
The contract has an estimated duration of Petrobras has selected us to support the ongo- in September 2024 (callable starting September
75-85 days and is expected to commence in ing development of the Marlim and Voador 2021) and 75% of financial debt maturing in Jan-
third quarter 2021, in direct continuation of fields. We look forward to executing this project uary 2027. Overall improvement in covenants.
the rig’s current work scope. The contract con- using our local capabilities in Brazil and con- GeoPark, April 22 2021
tains one firm-well in the Corentyne Block and tributing to another important development in
one optional well for the Demerara Block. The the country. We are very excited to bring new PetroTal provides risk
optional well has an estimated duration of 40 technology and automation capabilities to this
days. Maersk Drilling and CGX are in discus- project through the use of the RVC to operate the management update
sions to add additional services and perfor- manifolds. Our innovations in automation and
mance incentives to the scope. electrification are helping our clients lower their PetroTal is pleased to announce the following
“It’s the first time we are working for CGX, operational expenditures and reduce the carbon risk management update.
and we are honoured to join forces with their intensity of their subsea projects.” Highlights: Further to the Company’s press
team in the Caribbean basin. Guyana is home TechnipFMC, April 21 2021 release dated March 31, 2021, the remaining
to some very promising offshore projects and 1.4mn barrels of oil in the North Peruvian Pipe-
it’s close to our other customers and projects in line (ONP) have now been hedged by Petroperu,
the region. The D-rig series is particularly well FINANCE thereby securing future total true-up revenue
suited to fill special niches around the Americas payments of approximately $$31mn for the orig-
with its versatile capabilities of both being able to GeoPark enters first phase inal 1.8mn barrels.
work in a moored and a dynamically-positioned At the corporate level, over 1.2mn barrels in
mode. With this contract, Maersk Discoverer is of deleveraging process total are now hedged, representing 32% of fore-
fully booked throughout 2021 allowing us to cast oil production for April 2021 to December
continue to build and leverage the experience of GeoPark, a leading independent Latin Ameri- 2021. PetroTal completed a second layer of its oil
the crew as well as the special technical charac- can oil and gas explorer, operator and consoli- hedging programme for 2021. Approximately
teristics of the rig,” says COO Morten Kelstrup dator with operations and growth platforms in 338,000 barrels have been hedged (representing
of Maersk Drilling. Colombia, Ecuador, Chile, Brazil, and Argen- 9% of forecast oil production covering August
Maersk Discoverer is a DSS-21 column-stabi- tina, today announced successful first phase of 2021 to December 2021) in a Put structure with a
lised dynamically positioned semi-submersible its strategic deleveraging process that is expected $60 per barrel strike. In addition, 284,000 barrels
drilling rig, able to operate in water depths up to to result in a significant debt reduction and an have been hedged (representing 8% of forecast
10,000 ft. It is currently operating offshore Trin- improved financial profile with extended matur- oil production covering May 2021 to July 2021),
idad and Tobago for BP. Following the contract ities and lower cost of debt. in a synthetic Put structure with a swap price of
with CGX, the rig will commence a contract The strategic deleveraging process is being $62.15 per barrel and a call strike of $66.00 per
with BG International, a subsidiary of Shell, in executed through a series of transactions barrel.

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