Contributing editor’s note: Petrobras and Sete Brasil in discussions to reduce contract of 28 rigs by half

Sete Brasil and Petrobras are discussing earnestly the reduction of the 28 rigs contracted to be built by Sete Brasil. Initial negotiations indicate that the reduction will be at least 50% or 14 rigs. Sete Brasil has yet to receive the bridge loan from the Federal Development Bank, BNDES, this has caused major delays and reduction of staff at the contracted shipyards for lack of working capital. It is estimated that Petrobras and its projects are responsible, directly and indirectly, for 10% of the nation’s work force (yet to be confirmed). Sete Brasil is said to be looking for possible investor but chances to find one are slim to none.  The only client they have is Petrobras, no comments necessary.

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