Brazilian state-run oil company Petrobras and other investors reached an agreement to approve the restructuring plan of ailing oil-drilling-rig builder Sete Brasil Participações SA, two leading local newspapers reported on Friday.
The plan would pave the way the refinancing of Sete Brasil’s $3.8 billion in debt.
Shareholders reached a deal for Sete to operate five drills in a joint venture with an international partner, newspapers Valor Economico and Folha de Sao Paulo reported, without disclosing sources for the information. Another 10 drills under construction by Sete Brasil will be operated by another company, the newspapers said.
The press office of Petroleo Brasileiro SA, as Petrobras is formally known, declined to comment on the reports. An official with Sete could not be immediately reached for comment.
Earlier this week Petrobras, which owns 9 percent of Sete Brasil, was growing uneasy with the business reorganization plan, a source told Reuters.
Brazil Energy Insight 
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