PetroRio has entered into an agreement with Aquadrill Offshore that will give the oil company the opportunity to buy a semi-submersible drilling rig to carry out revitalisation work at its mature fields in the Campos basin offshore Brazil.

The Brazilian independent plans to acquire the sixth-generation semisub Capricorn for a price of $40 million.

As part of the deal, PetroRio already made a $1 million payment as an exclusivity fee. The operator has committed to pay another $4 million by 22 June to proceed with the purchase of the rig.