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Created to build 28 probes for the pre-salt layer, Sete Brasil accumulated billions in debt, failed to deliver even 20% of what was promised and is closing its doors after years of scandals, frustrations and a direct impact on the naval industry and the economy of Rio de Janeiro.
On December 17, 2024, the Rio de Janeiro Court of Justice declared Sete Brasil bankrupt, a company created in 2010 to supply drilling rigs to Petrobras and leverage pre-salt exploration. Considered one of the biggest corporate failures in Brazil's recent history, Sete Brasil is officially closing its operations after years of corruption scandals, delays, financial losses and unfulfilled promises. The information was initially released by the Capitalist portal and confirmed by other sources such as CNN Brasil and Valor Econômico.
The bankruptcy of the company, which aimed to deliver 28 drilling rigs but only managed to complete four units, exposes the consequences of poor management combined with a lack of transparency, in one of the most strategic sectors of the national economy.
Sete Brasil: From a billion-dollar promise to an irreversible deficit
Founded with the support of large investment funds and Petrobras, Sete Brasil was born with the promise of revolutionizing the Brazilian shipbuilding industry. At its peak, the project planned to invest US$25 billion, with the construction of 28 rigs to operate in the pre-salt layer. The expectation was to generate massive jobs and reactivate national shipyards, according to a 2013 survey by Valor Econômico.
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However, from 2014 onwards, the company was directly involved in the scandals revealed by Operation Lava Jato, with allegations of corruption, overpricing and irregular contracts. The scheme shook market confidence, drove away investors and froze financial transfers. According to a report by Estadão, the company's equity deficit rose from R$21,7 billion to R$36 billion between 2016 and 2023.
Without resources and with projects at a standstill, Sete Brasil filed for judicial recovery in 2016, but was never able to recover. Of the 28 planned drilling rigs, only 4 were partially completed. In December 2024, after eight years of trying to restructure, the Rio de Janeiro Court of Justice concluded that only alternative it was bankruptcy.
Impacts on the naval industry and the economy of Rio
The bankruptcy of Sete Brasil has left a trail of profound consequences for the Brazilian shipbuilding industry. Several of the company’s partner shipyards, especially in Rio de Janeiro, Bahia and Pernambuco, have drastically reduced their operations following the contract freeze. Many have ended up laying off hundreds of workers or closing their operations, as reported by Agência Brasil.
Equipment supply companies, services and labor were also affected. The expectation of reindustrialization of the oil and gas chain based on orders from Sete Brasil never materialized. The bankruptcy also compromised the collection of royalties in the municipalities where the rigs would be operated, which directly affected investments in health, infrastructure and education, especially in Rio de Janeiro.
