Sapura Energy Says Brazilian JV Unaffected by Seadrill's Chapter 11 Filings

OE Staff
Tuesday, February 9, 2021

Malaysian offshore energy services firm Sapura Energy said that its Brazilian joint venture with Seadrill is not affected by Chapter 11 cases filed by several Seadrill subsidiaries operating in Asia. 

Sapura Energy said it was responding to media reports linking its Brazilian JV Sapura Navegacao Maritima to Chapter 11 cases unrelated to that particular joint venture.

"[Sapura Energy] states the Chapter 11 filing by Seadrill does not involve [Sapura Navegacao Maritima] or entities related to the corporate structure of the joint venture."

Sapura Energy further stressed that the Chapter 11 filing by Seadrill's subsidiaries in Asia had no financial impact on Sapura Energy's business plans and financial strength.

In the clarification, Sapura Energy also explained that the Chapter 11 filing has no effect on its contracts with Petrobras, which forms the main revenue for Sapura Navegacao Maritima; and does not trigger any cross-default for the joint venture’s business financing.



Sapura Navegacao Maritima is the only joint venture between Sapura Energy and Seadrill. Headquartered in Rio de Janeiro, Sapura Navegacao Maritima provides subsea services in the Brazilian market, with a fleet of subsea service vessels providing support, installation, and flexible pipe laying expertise to clients in the region. 

According to Sapura Energy, Sapura Navegacao Maritima has a workforce of more than a thousand professionals, from 21 different nationalities. 

As previously reported, offshore driller Seadrill said Sunday that Chapter 11 bankruptcy protection cases have been filed in the Southern District of Texas in respect of Seadrill's subsidiaries Seadrill GCC Operations Ltd, Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited.

"The Chapter 11 cases were filed as a protective measure to support Seadrill's broader comprehensive financial restructuring and will in no way affect the safe and efficient operation of the AOD offshore drilling units," the company said.

Categories: Vessels Industry News Activity South America Asia

Related Stories

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

CNOOC Starts Production at Offshore Field in South China Sea

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

Marine Masters Secures Wellhead Platforms Installation Job Off India

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com