Offshore Activity

Clarification on News: Delays in platforms built in Brazil

Rio de Janeiro, February 15, 2017 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 182/2017-SAE which requests clarification, as follows:

Official Letter no. 182/2017-SAE

“Dear Sirs,

A news article published on the Blog website Ancelmo.com on 02/12/2017 states, among other information, that Petrobras estimates that losses with delays in the platforms built in Brazil will reach R$ 68 billion.

We have not identified this information in the documents sent by this company through the Empresas.NET System. If this is not the case, please share the document and the pages that include this information, and the date and time on which it was sent.

It should be noted that the company must disclose periodic information and any other information of interest to the market through the Empresas.NET System, to ensure widespread and immediate dissemination and equitable treatment of its investors and other market players.

That said, we request clarification on the indicated item by 9:00 am on 02/15/2017, notwithstanding the provisions under CVM Instruction no. 358/02, art. 6, sole paragraph, with your confirmation or otherwise, in addition to other information deemed important.”

Clarification

Petrobras constantly conducts sensitivity analyses that seek to evaluate the possible impacts of various factors on its portfolio. Recently, in discussions with the competent public agencies on the local content policy, scenarios of variations in revenue related to delays in the delivery of platforms built in the Country were presented.

The Company has taken measures to mitigate the impact of those delays, such as, for example, the replacement of platforms under construction with chartered units, reducing the potential loss of future revenues.

Petrobras further clarifies that the updated information related to its projects, such as investments, deadlines, and production, is included in the 2017-2021 Business and Management Plan, disclosed to the market on 09/20/2016.

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