Petrobras confirms risks in hooves of FPSOs

Petrobras acknowledges that there is uncertainty about the continued construction of the hooves of FPSOs Replicants P-71, P-72 and P-73. The oil company explained that even if the construction of the platforms is interrupted, there will be no impact on the company’s production curve, but it is working to mitigate the risk of delays in the delivery of the units.

The three units were ordered to the shipyard Ecovix. According to the consolidated financial statements of the company at the end of September, the company recognized impairment losses on these assets to $593 million.

“In the context of the negotiations for the release of the hulls of some platforms with the Ecovix, despite the relevant physics and evolution of the current scenario of continuity of construction, installation and integration of the topsides, there are risks related to deadlines for getting those hooves”, said the oil company.

The shipyard is also responsible for the Fpso P-66, P-67, P-68, P-69 and P-70. At the time, Petrobras is in talks to assumption of debts of Ecovix with Chinese shipyards for the hooves of P-69 and the P-70, a provision of $184 in the third quarter.

At the end of 2015, to avoid that the works were interrupted due to financial difficulties faced by suppliers, Petrobras opened an account linked to these construction contracts. According to the oil company, the strategy made the delivery of the hull of the P-67 and the resumption of work on the P-69, both in China at the time. In addition, the company said that the deal also enabled the advancement construction of the hull of the P-68, P-74 and P-76.

Linked accounts strategy was also applied in contracts with the shipyard Cove, responsible for the P-74, P-75, P-P-76 and 77. To ensure the completion of the works of the hooves of the P-75 and P-77, Petrobras approved the subrogation of contract exists between the Cove and the Chinese shipyard Cosco (Dalian) Shipyard to its subsidiary Petrobras Netherlands.

The agreement generated recognition of a liability for the debts that already exist in the scope of the contract, which caused a provision of $103 million in the third quarter.

“With the Systematics of the linked account and payments above, the company has eliminated any risk of access to the hooves of the platforms P-P 74-77”, said Petrobras.

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