English 
Francês 
Alemão 
Italiano 
Japonês 
Norueguês 
Portuguese 
Spanish 
3 min of reading 
Petrobras Extended The Deadline For Certain Conditions Of An Agreement With Sete Brasil Related To A Charter And Also Termination Of Contracts For 24 Drilling Platforms
Petrobras announced on Wednesday (24) that its executive board postponed the deadline for the agreement between the two companies, from June 30, 2020 to September 30, 2020.
To recall, Sete Brasil was created in 2011 to build, own, and operate a fleet of ultra-deepwater and semi-submersible drilling vessels to develop the pre-salt oil fields operated by Petrobras in the Brazilian offshore.
It was supposed to be a project of 28 platforms, valued at around US$ 90 billion in revenue. However, a widespread corruption scandal emerged in Brazil, involving Sete Brasil and Petrobras.
-
Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.
-
Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.
-
Petrobras announces new oil discovery in the pre-salt of the Campos Basin and reinforces Brazil’s prominence with high-quality reserves that can increase production and energy revenues.
-
Alert in the fuel market: Analysts and a former director of ANP warn that oil prices may worsen in the coming months due to global instability.
Sete Brasil was unable to secure the necessary funds to pay for the platforms it ordered from Sembcorp Marine and Keppe. Petrobras also refused to commit to the entire package of contracts for the rig.
In April 2016, Sete Brasil was forced into bankruptcy due to Petrobras’ hesitation to sign the contracts for the ordered platforms.
Petrobras – Sete Brasil Agreement
To better understand this decision by the Brazilian company, it is necessary to clarify what the contract is.
That is, Petrobras reached a possible agreement with its compatriot to charter four and terminate contracts for another 24 drilling platforms in February 2018.
However, the agreement was subject to approval by both companies. At the end of December 2019, Petrobras approved the final terms of the contract with Sete Brasil, subject to the fulfillment of previous conditions.
The approved agreement maintained the previously agreed and disclosed terms, including the maintenance of chartering and operation contracts for four platforms, with a duration of ten years and a daily rate of US$ 299,000.
It also involved the termination of contracts made for the other 24 platforms, the removal of Petrobras and its subsidiaries from the share structure of Sete Brasil and FIP Sondas, as well as the consequent termination of contracts incompatible with the terms of the agreement.
FIP Sondas is a private equity fund in Brazil, which holds a 95% stake in Sete Brasil. The remaining 5% is owned by Petrobras.
Additionally, Magni Partners, the winner of the judicial recovery auction of Sete Brasil, in partnership with Etesco, will charter and operate the four remaining platforms, still under construction.
At the time of approval, Petrobras stated that the signing of the contracts would formalize the contract, but depended on compliance with the governance rules of Sete Brasil and other involved companies.
As a result, the effectiveness of the contract and other agreements depended on the fulfillment of conditions that must occur over time, and the last should be implemented by June 30, 2020.
The deadline has already been postponed for a few months.
Other Sete Brasil Agreements
Sete Brasil also reached agreements in October 2019 with the Singaporean platform builders Keppel Offshore & Marine and Sembcorp Marine related to contracts for the construction of six semi-submersible platforms and seven drilling vessels, respectively.
The agreement with Keppel involved a settlement agreement regarding the engineering, procurement, and construction contracts for the construction of six semi-submersible drilling platforms for six subsidiaries of Sete Brasil.
Separately, Sembcorp Marine reached an agreement with Sete Brasil regarding a total of seven drilling contracts guaranteed by various subsidiaries of Sete Brasil.
Under the agreement, all seven contracts were agreed to be terminated, and the parties agreed to mutually release each other from all claims related to the contracts.
For five of the seven drilling vessels, Sembcorp Marine would retain all work performed. Regarding two of the seven drilling vessels, which had the most advanced construction progress, the titles of these works would be distributed between the shipyard and Sete Brasil proportionally to the payments made.
Seja o primeiro a reagir!