BUYING A SWAMP RIG

BUYING A SWAMP RIG

A swamp rig, swamp barge or marsh rig is an oil drilling rig designed to operate in swampy, marshy or shallow waters. They are best suited for onshore drilling in swampy areas & offshore drilling in shallow waters.

They have elevated platforms or barges to keep equipment above water and mud; long legs or stilts to stabilize the rig in soft or unstable terrain; foundation systems to distribute weight and prevent sinking.

Their design allows for safe and efficient drilling operations, making them essential for oil and gas exploration in certain regions.

Buying a swamp rig in Nigeria involves these legal steps:

1. Verification of Ownership: Confirm the true owners through receipts, invoices and certificate of ownership.

2. Confirm Registration: Ensure it is registered with Nigerian Upstream Petroleum Regulatory Commission (formerly DPR) and NIMASA.

3. Conduct Environmental Impact Assessment.

4. Valuation: Determine the rig’s value through an independent assessment or appraisal.

5. Sale Agreement: Draft and execute a Sale Agreement or Memorandum of Agreement, not MOU, outlining terms, conditions and payment arrangements.

6. Payment & Transfer: Facilitate payment and transfer of ownership.

7. Tax Clearance: Comply with tax requirements.

8. Deregistration: Deregister the seller as owner.

Consult an experienced Property Lawyer to help you draft and prepare legal documentation and to ensure compliance with legal regulations throughout the process.

If you need help with these and other property or business matters and transactions, call, email or Whatsapp Apex Chambers, best Property/Real Estate and Business/Corporate/Commercial Lawyers, Barristers, Solicitors, Advocates, Attorneys and Notary Public with 17 years practical legal experience and office in Port Harcourt, Nigeria.

Phone: +2347030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com