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Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 25781
Company nameEiffel Ridge Group C.V.
Sector1Oilfield Services
Environmental categoryB
Date SPI disclosedMarch 12, 2007
Projected board dateApril 12, 2007
Previous EventsInvested: September 26, 2007
Signed: July 30, 2007
Approved: June 27, 2007
View Environmental & Social Review Summary (ESRS), click here
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Project description
The project is to build and operate two dynamically positioned semi-submersible offshore drilling rigs capable of working in water depths of up to 2,000 m and 2,400 m, respectively, under charter and service contracts executed with Petróleo Brasileiro S.A. (Petrobras) in Brazil.

Queiroz Galvão Óleo e Gás S.A. (QGOG), the oil and gas subsidiary of Queiroz Galvão S.A. (QG), will operate these rigs which will be owned by separate special purpose offshore group companies. The rigs are expected to be mobilized by 2009.