Financial Analysis of Petrobras’ Charter Contracts and Cost Adjustments Focused on Pre-Salt
In April this year, Petrobras reported that it would renegotiate some contracts in order to adjust the budget due to the pandemic, focusing on FPSOs, PLSVs, drillships, floatels, and support vessels.
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Here’s why: by mid-May, the more than 1000 charter contracts totaled about US$ 110 billion, plus R$ 33 billion, € 731 million, and Kr 297 million (Norwegian crowns); and although most are support vessels, the largest share of the portfolio comes from platforms: they account for about US$ 63 billion. The most expensive of them is the FPSO Campos dos Goytacazes, at around US$ 5 billion.
Below, More Financial Data on the Petrobras Contract Scenario
- Drillships: 47 contracts – US$ 30.5 billion + R$ 14 billion + € 715 million;
- Support Vessels: 709 contracts – US$ 14 billion + R$ 17 billion + € 17 million + Kr 297 million, of which US$ 5 billion + R$ 2 billion are contracts with PLSVs and US$ 718 million with the gas carrier Golar Winter;
- Floatels (UMSs): 4 contracts – US$ 381 million;
- Aircraft – 214 contracts – US$ 742 million + R$ 2.1 billion.
Despite the pandemic, everything seems to be going well in upstream, thanks to the resilience of charterers and a focus on pre-salt activities.
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Petrobras Sells Old Platforms and Earns Over 140 Million Dollars
Petrobras sold yesterday, July 24, at auction three decommissioned oil platforms to the same buyer for a total value of $1.45 million: P-15, P-12, and P-7. More technical details about this transaction can be found here.

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