Petrobras Clarification on News

Rio de Janeiro, May 22, 2019 – Petróleo Brasileiro SA – Petrobras reports that it received
the Official Letter No. 328/2019-SLS, which requests the following clarification:
Official Letter nº 328/2019-SLS
“Dear Gentlemen,
In news published by Valor Econômico newspaper on 05/21/2019, the article under
the title “Naufrágio pode atrasar projeto da Petrobras” [Wreckage May Delay
Petrobras Project], among other information, states the following:
1. If the total loss of the equipment is confirmed, the state-owned company may
delay the platform schedule at least one year and post billions in cash generation
2. Losses if the state-owned company with a one-year delay may exceed US$ 3.8
billion, considering the operation of the vessel at full capacity – 150 thousand
barrels per day.
We request clarification on the appointed items, until 9:00 AM, 05-22-2019, with
your confirmation or otherwise, as well as other information deemed relevant.”
In response to the Official Letter 328/2019-SLS, Petrobras, as Operator of the BM-S-11
Consortium, clarifies that it is carrying out inspections of the Locar V ferry and
evaluation of the two P-71 platform modules, which suffered an accident on Saturday
night (05/18) near Itajaí (SC), which resulted in no injuries.
The Company, together with the Navy and IBAMA, carried out a flyover at the site on
May 20th, and no oil was detected in the sea. In addition, Petrobras informs that, after
inspection completed by remotely operated submarine vehicle (ROV), held today (May
21st ), the wreckage of the two power generation modules of the P-71 platform was
Petrobras has set up an investigation committee to identify the causes of the accident
and is evaluating alternatives for the replacement of P-71 platform modules.
Preliminary analyzes indicate that, even if modules are totally lost, it is possible to
mitigate the accident impact on the completion of the Unit’s construction and
assembly works. Petrobras is dedicating every effort to ensure that there is no delay in
the P-71 platform’s planned start-up date and no loss of revenue for the Consortium.
Petrobras does not acknowledge the values mentioned in the news.
The Company is mobilizing all its available resources to mitigate any potential effects
resulting from this accident and will inform the market if there are any significant
impacts on its 2019-2023 Business and Management Plan.

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