Petrobras signs agreement for the sale of its stake in the Maromba field in the Campos Basin

Rio de Janeiro, March 8, 2019 – Petróleo Brasileiro S.A. – Petrobras informs that today it signed an agreement with BW Offshore (“BWO”) to sell its full stake in the Maromba field. Discovered in June 2003, the field is located in shallow waters south of the Campos Basin, about 100 km off the coast of the state of Rio de Janeiro. Petrobras is the operator with a 70% stake and the transaction includes the transfer of the operatorship.

The transaction value is US$ 90 million, to be paid in three installments: (a) US$ 20 million at the closing date of the transaction; (b) US$ 20 million within 15 business days of the start of well drilling activities for field development; and (c) US$ 50 million within three months of the first oil or three years after the start of well drilling activities for field development, whichever occurs first.

BWO will start operating the field as of the closing of the transaction, which is subject to compliance with precedent conditions set forth in the purchase and sale agreement, such as the approval of the Administrative Council of Economic Defense (CADE) and the National Petroleum, Natural Gas and Biofuels Agency (ANP).

This project contributes to improving the company’s capital allocation, thereby increasing value generation.

About BWO

BW Offshore is a leader in the supply of floating production unit services in the Oil&Gas industry, it’s listed on the Oslo Stock Exchange and has total assets of US$ 3.4 billion. The company also participates in the development of proven offshore hydrocarbon reservoirs, with participation in the Dussafu Field, located in Gabon. BWO operates in the world’s major regions of the O&G market and has 15 proprietary FPSOs.

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