Keppel Offshore & Marine Ltd. will purchase the rig from Grupo R for around $190 million, having received a 20% down payment of the rig’s original contract value when the contract was signed in 2013.
The Cantarell III will be leased back to Grupo R to work offshore Mexico on a bareboat charter over a 10-year period, starting in 1Q 2020.
Grupo R has the right to purchase the rig at pre-agreed prices during the term of the bareboat charter.
Designed to operate in water depths of up to 400 ft (122 m) and drill to depths of 30,000 ft (9,144 m), Cantarell III is equipped with a fully-automated high capacity rack and pinion jacking system, self-positioning fixation system, and has accommodation for 150 persons.
It is equipped with Keppel’s proprietary RigCare Solution – a suite of digital services to support the rig’s lifecycle needs.
Together with the jackup Cantarell IV, which was delivered by Keppel to Grupo R earlier this year, they are the industry’s first drilling rigs with Smart Notations.