Petrobras dá à Sete Brasil mais tempo para cumprir os termos de liquidação

Petrobras Gives Sete Brasil More Time to Meet Liquidation Terms

Written by Paulo Nogueira

Published on 25/06/2020 at 09:15

Updated on 11/08/2020 at 10:22

Sonda DRU1 Urca (direita) e Sonda DRU2 Frade (esquerda), sendo construídas no Estaleiro BrasFELS – Angra dos Reis/RJ. FOTO SETE BRASIL

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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.

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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.

Petrobras Gives Sete Brasil More Time to Meet Liquidation Terms

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 – Sete Brasil Agreement

Other Sete Brasil Agreements

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Petrobras Gives Sete Brasil More Time to Meet Liquidation Terms

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 – Sete Brasil Agreement

Other Sete Brasil Agreements

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While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

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