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Keppel O&M had gotten 20% down payment of the initial contract worth for Cantarell III when the contract was checked in 2013. Cantarell III will be leased back to Grupo R on a bareboat charter at competitive day rates over 10 years, and will be deployed to work in overseas Mexico on a charter which will commence in 1Q 2020.

Under the bareboat charter, Grupo R deserves to acquire the rig at pre-agreed rates during the regard to the bareboat charter. After Additional Info , Keppel O&M may, at its discretion, put the rig to Grupo R at a pre-agreed cost. Mr Tan Leong Peng, Executive Director (New Develops) of Keppel O&M stated, "We are pleased to participate in an equally helpful plan which will enable Grupo R to deploy another high-performance rig for its operations in Mexico.

As Mexico seeks to increase oil production, need for jackup rigs has actually been rising. "Our first sale and leaseback arrangement with Grupo R on the Cantarell IV has worked well. Cantarell IV, which was warm stacked in our lawn from 2016 to the start of 2019, was able to go straight to the field upon delivery and accomplish 99% uptime in its operations.

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We anticipate Cantarell III to likewise serve Grupo R well upon implementation in Mexico." The KFELS B Class design is the industry criteria for jackup rigs. It has actually proven its robustness and effectiveness in numerous fields all over the world, and more than 10 KFELS B Class systems have been delivered to Mexico.

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Cantarell III is equipped with Keppel's proprietary Rig, Care Solution - a suite of digital services to support the rig's lifecycle needs, considerably increasing uptime and safety while minimizing maintenance expenses. Together with the Cantarell IV jackup rig, which was provided by Keppel to Grupo R earlier this year, they are the industry's first drilling rigs with Smart Notations.

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Mr Jose Ramiro Garza, CEO of Grupo R included, "We are positive of the long-term outlook of the Mexican rig market with Pemex and international oil companies looking for extra jackup rigs to support the nation's target to increase Mexicos oil and gas production. As a leading rig operator in Mexico, we are well positioned to satisfy their requirements with high quality rigs from Keppel such as the Cantarell III.