A subsidiary of Aquadrill LLC (“Aquadrill” or the “Company”) has entered into a memorandum of agreement (the “Agreement”) for the sale of the semisubmersible drilling unit the “Capricorn” (the “Rig”), in its current condition together with everything belonging to it on board or onshore, with PETRO RIO JAGUAR PETRÓLEO LTDA., a subsidiary of Petro Rio S.A. (the “Buyer”) for USD 40.0 million (the “Purchase Price”). Arctic Offshore Rig acted as the broker in the sale and purchase of the Rig.
The Rig is expected to be used by the Buyer on its own acreage in Brazil, thereby removing it from open market tenders for drilling units.
As partial payment of the Purchase Price, Aquadrill has received a non-refundable exclusivity fee of USD 1.0 million. Under the terms of the Agreement, a deposit of USD 4.0 million is due from the Buyer on or before June 22, 2022. If this agreement is terminated prior to payment of the deposit, only the exclusivity fee is retained by Aquadrill. The balance of the Purchase Price is due upon delivery and completion of the sale, which must take place by August 5, 2022.
Closing of the transaction is subject to customary closing procedures and conditions.
