Petrobras Divests Sete Interest


December 31, 2020
Illustration: An offshore rig in Brazil /lazyllama

Illustration: An offshore rig in Brazil /lazyllama

Brazilian oil company Petrobras has divested its stake in offshore drilling company Sete Brasil.

The company on Wednesday transferred today to companies of Sete Brasil Group, for the symbolic total amount of 7 euros, the equity interest of 15% that it held in each of the Dutch special purpose companies controlled by Sete Brasil Group: Arpoador Drilling B.V., Marambaia Drilling B.V., Grumari Drilling B.V., Copacabana Drilling B.V., Leme Drilling B.V., Leblon Drilling B.V. and Ipanema Drilling B.V.

"With the sale made today, Petrobras no longer holds any direct or indirect equity interest in the companies of the Sete Brasil Group," Petrobras said.

Sete Brazil was established in the early 2010s as a drilling contractor that would lease rigs to Petrobras. Petrobras had committed to charter 28 offshore drilling rigs at the time.

Sete then ordered seven offshore drilling units worth almost $6 billion from Sembcorp Marine in 2012, and six rigs from Keppel.

However, the ensuing revelation of a corruption scandal, allegedly involving parties in all four companies, prevented Sete from paying for the ordered goods, initiating a string of arbitration proceedings.

Petrobras and Sete in December 2019 reached an agreement whereby Petrobras would charter only four rigs, and terminate contracts for the remaining 24 units.

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