Brazil’s Petrobras seeks to end Schahin contract

Brazil’s state-run oil company Petrobras is seeking to stop renting a drillship from engineering conglomerate Grupo Schahin, in a potential blow to Schahin’s restructuring plan, newspaper Folha de S. Paulo reported on Tuesday.

Petroleo Brasileiro SA, as Petrobras is formally known, has already notified Schahin about the potential rescission, Folha said, citing unidentified sources.

Vitoria 1000 is Schahin’s last drillship still operating, and rental proceeds were included as a collateral in Schahin’s debt restructuring plan, Folha said.

Petrobras’ press office did not immediately respond to an emailed request for comment. Efforts to contact Schahin representatives by phone were unsuccessful.

The drillship contract is one of the many under investigation in a sweeping corruption probe of Petrobras and Brazil’s main political parties. Executives from top construction and engineering firms have been charged with bribery and money laundering, and dozens of politicians are suspected of receiving kickbacks related to Petrobras contracts. (Reporting by Silvio Cascione; Editing by Mark Potter)/ Reuters

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