Petrobras cancels orders for four Maritima drilling platforms

Jul 27, 2000 02:00 AM

Petrobras has cancelled orders for four drilling platforms used for oil exploration with Brazilian firm Maritima. The orders, which Maritima said were due to be delivered this year, were part of a six-platform contract worth $ 1.5 bn.
Maritima had a period of seven years to deliver the platforms, but the contract stipulated that drills had to be presented within 180 days. However, Maritima's Canadian supplier went into bankruptcy and the first two drill were not delivered.
Petrobras cancelled the orders for the two platforms pertaining to these drills and said it would cancel the other four if drills were not forthcoming within a further 180 days. This deadline passed at the end of June and no drills had appeared.
According to Maritima executives, two of the platforms are almost ready and are being transported to Brazil from the South Korean dockyard where they were built.
Maritima has committed heavily to the Brazilian oil sector. It attained the rights to explore and produce from two areas in the Brazil's oil rights' auction this year. Maritima said that if Petrobras does not accept the platforms it may loan them to other companies with oil exploration and production rights in Brazil.

Source: Bridge News via Newspage
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