Petroleo Brasileiro SA has canceled five platform-supply vessels from two separate contractors as a rout in oil prices and rising borrowing costs force Brazil’s state-controlled producer to deepen spending cuts.
Ultrapetrol Bahamas Ltd. had three vessel contracts terminated ahead of schedule and World Wide Supply AS had two contracts canceled, the companies said in separate statements Monday. Petrobras didn’t immediately respond to an e-mail seeking comment.
Brazil Energy Insight 
Leave a comment