QGOG Rigs

completed

QGOG has been awarded separate contracts to build and operate two dynamically positioned semi-submersible offshore drilling rigs capable of working in water depths of up to 2,000 m and 2,400 m respectively.QGOG, the oil and gas subsidiary of Queiroz Galvão S.A. (QG), will operate these rigs for Petrobras in Brazil. The rigs will have the latest, well established designs and equipment and are to be built separately under:- EPC contract with Single Buoy Moorings Inc., a subsidiary of SBM Offshore N.V. at the Gulf Piping shipyard in Abu Dhabi (owned by International Management and Construction Company which is well known in the region), and - another shipbuilding contract with Keppel at its shipyard in Singapore. The rig designs are well established and many similar rigs are in use worldwide. The rigs are expected to be built, mobilized and placed under contracts to Petrobras. QGOG already operates two shallow water semi-submersible rigs acquired in the mid-1990s for Petrobras. It will use its existing onshore base in Macae to support rig operations. IFC has been invited to join a group of lenders to finance this project.