PRIO announces acquisition of Atlantic Zephyr drilling rig, King Maker

21 Dec 2020

PRIO announced an agreement with Ventura for the acquisition, for US $1.00 (one US dollar), of the Atlantic Zephyr rig, an anchored type semi submersible suitable for interventions and completions in wells with water depths up to 300m.

PRIO will now call the rig King Maker.

The acquisition will reduce the operational cost and increase the efficiency of the Tubarão Martelo field by significantly reducing the response time to any well stoppages.

This strategy aims to replicate the successful model applied to the Octopus Field, which, by having a drilling rig installed on the platform, has achieved records for efficiency and payback on investments.

The rig will eliminate the need to hire third-party rigs for interventions in the Field (which are typically quite scarce in Brazil given that the field’s water table requires anchored rigs, which can take several months to mobilize) and will allow a workover to be performed in 60 to 70 days at a cost more than 40% less than a workover performed with a rented rig.

This movement goes through all of PRIO’s strategic aspects, significantly improving response times, increasing operational efficiency, reducing operating costs, preserving production, and increasing the security of its assets.

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