Sete is made for Brazil. Our history is just beginning.
Sete Brasil Participações S.A. (Sete) was established in 2011 by Petrobras to meet the booming demand for drilling rigs in Brazil for the exploration and production of the pre-salt oil and gas fields.
These pre-salt oil and gas fields are located:
– Far offshore, between 200 and 300 kilometers from the Brazilian east coast
– In ultra deepwater up to 3,000 meters depth
– Below the earth crest called pre-salt to total depth to exceed 7,000 meters.
To reach these oil and gas resources, Petrobras needs among the largest drilling vessels.
In addition the quantity of these resources, requests Petrobras to build series of such large drilling rigs, far beyond the local capabilities of the Brazilian shipyards before the pre-salt discoveries.
With such a change, Petrobras could not continue to own and operate itself such large fleet of giant drilling vessels.
In keeping this activity within Petrobras, these drilling rigs would have also consumed an unnecessary amount of capital expenditure to build, own and operate these drilling rigs.
For all these reasons, Petrobras decided to spin off this activity in establishing Sete Brasil Participações S.A. (Sete) in 2011 in San Paulo, Brazil.
Anyway, the activity of building owning and operating drilling rigs is capital intensive since each unit cost $ hundreds billion.
To create Sete, Brazil mobilized the nations’s key stakeholders:
– Petrobras its main customer has 10%
– Brazilian pensions funds (Petros, Previ, Funcef, Valia)
– Brazilian Investment funds (Brazilian Santander, Bradesco, BTG Pactual)
Beyond the financial aspects, Sete has the mission to mobilize all the available resources and competences in Brazil to develop a local industry with the capabilities to build, own and operate these giant drilling rigs with the technology to meet Petrobras requirements and to maximize their local content.
In February 2012, Sete had alrady booked, 30 drilling rigs from Petrobras
These drilling rigs will then be leased to Petrobras for the exploration and development of the pre-salt fields.
In less than one year Sete has become the world largest chartering company:
– In ultra deepwater drilling rigs by number of units
– As global player with more than $80 billion backlog
Sete Key Figures
– New company created in 2011
–$80 billion backlog of drilling rigs chartering contracts for the next 15 years
– First series of 40 pre-salt drilling rigs to be ordered by Petrobras
– 28 pre-salt drilling rigs already booked
– 7 first units already in construction by Keppel Offshore and Marine including the
– World largest semisubmersible rig weighting 45,000 tonnes with 160 crews to drill 10,000 meters depth in 2015.
Sete Projects and Business Highlights
Taking off as a rocket, Sete is planning to invest $27 billion capital expenditure over the next eight years on:
– Establishing two new shipyards in Brazil (Jurong Aracruz and Enseada Paraguaçu)
– Expanding more than four shipyards (EAS, OSX, Brasfels and ERG2).
As its premium objective, Sete Brasil is targeting 62% local content average for its ultra deepwater drilling rigs.
Then Sete is planning to build in Brazil around these giant shipyards a local and state-of-art expertise around drilling rigs in cooperation with third companies such as:
– Keppel Offshore and Marine
– Sembcorp from Singapore
– OSX
While focusing on the drilling rigs, Sete may consider later on to build also floating production, storage and offloading (FPSO) vessels, or transport and support vessels.
