PETROBRAS: Board Approves Terms Of Agreement With Sete Brasil

(RTTNews) - Petrobras' board of directors approved the terms of a possible agreement with Sete Brasil, in an extrajudicial mediation procedure. Among the proposals is the maintenance of the contracts of chartering and operation of four drilling rigs for ten years, for a daily rate of US$ 299,000. However, commitments would be ended regarding another 24 rigs.

According to a Petrobras statement, the Brazilian state-owned oil company and its subsidiaries would leave the corporate structure of the companies of the Grupo Sete Brasil and FIP Sondas, "so that they no longer hold any equity interest in this company, as well as the consequent distract of all other contracts not compatible with the terms of the agreement."

Petrobras also said that the execution of an agreement is conditional on the presentation by Sete Brasil of an international-class drilling rig operator with deep-sea experience. The agreement also depends on talks between companies and the approval of a document with final terms and conditions.