Brazil rig rates seen strong, analyst says

Rig rates remain strong offshore Brazil based on a recent contract, according to a research note from Pritchard Capital Partners.

Offshore staff

HOUSTON – Rig rates remain strong offshore Brazil based on a recent contract, according to a research note from Pritchard Capital Partners.

Brazilian rig contractor Schahin has received a new seven-year contract from Petrobras at $300,000, up from its previous day rate of $125,000, the analyst says.

“The 32-yr old, 5,000-ft (1,524-m) WD Gusto Class drillship is far from a premium rig, and this is a solid indicator for the strength of rates that remains in the region,” the note says.

07/13/09

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