ICBC Financial Leasing has had two semi-submersible drilling rigs redelivered from Schahin Engenharia after the Brazilian company filed for bankruptcy protection in April.
SS Amazonia and SS Pantanal were redelivered to the largest financial leasing company in China by asset after a very painful and complex process, Lyu Zhuo, vice-president, offshore team leader of ICBC Financial Leasing, told the China Offshore Finance Forum 2015 on 25 June.
“Compared to the redelivery of a bulk carrier or a container ship, it’s a completely different matter to take back a drilling rig,” Lyu said.
Unlike banks, financial leasing companies have full ownership of the rig rather than just mortgage right, he added. The financial leasing companies can also hold the asset and deploy the rigs in drilling contracts as an owner, while banks have to dispose of the asset.
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ICBC Financial Leasing claimed the termination of the financial leasing contract signed with Schahin after the Brazilian company filed for bankruptcy protection in April.
In July 2014, ICBC Financial Leasing struck a USD1.1 billion deal with Schahin to acquire and lease back the two semi-submersible drilling rigs.
The semi-submersible drilling rigs were operated by the Petróleo Brasileiro (Petrobras).
Previously, 2010-built SS Pantanal was scheduled to be leased to Schahin for eight years, with 2011-built SS Amazonia for four years.
This post was sourced from IHS Maritime 360: View the original article here.