Petrobras will have four probes from seven Brazil

Petrobras will be left with only four of the 28 probes that were commissioned to seven Brazil, a company created in the management of former President Luiz Inácio Lula da Silva to build and operate the ships that would be responsible for exploring the pre-salt. The project, which was the target of Operation Car Wash, involved the payment of kickbacks by representatives of the shipyards, according to former of the company. The seven Brazil was born in 2010 and was the promise of the resumption of the naval sector in Brazil.

The decision was made yesterday by the Board of Directors of Petrobras. The shareholders of seven Brazil started an arbitration against Petrobras at the beginning of 2017 claiming losses that reach R $7 billion with the resignation of Petrobras in the project. As the seven Brazil delayed the delivery of the equipment and with the fall of the price of oil in the international market, Petrobras tried to renegotiate the charter contracts, which was refused by the seven Brazil, generating a deadlock between the companies. Although the state has defined the number of probes, the arbitration process continues.

In a statement to the Securities and Exchange Commission (CVM), Petrobras reported that it will terminate the contract of 24 probes concluded with the seven. The other four agreements will have a duration of 10 years with a daily rate of US $299,000, which includes the value of the Charter and operation of the units. These four probes have been over 90% of the completed works since last year.

Furthermore, the Petrobras Council has determined another crucial change. It was established that the state would be dismissed from its participation in seven Brazil, which is about 10%. Among the other shareholders are pension funds from state and banks such as Bradesco and Santander. Furthermore, the directors have established that Petrobras also displaces the participation that it would have individually on the probes alongside other companies.

"The departure of Petrobras and its subsidiaries of the companies of the group seven Brazil and the FIP probes, so that it does not hold any more corporate participation in this company, as well as the consequent disagreement of all other contracts not Compatible with the terms of the agreement, "said Petrobras in note.

But for the state to continue in the project with the four probes, seven Brazil should present the name of a probe operator with international experience and with experience in deep water to operate the probes. And warns: The agreement will have to be in "compliance with the Petrobras approval criteria".

The project of seven Brazil, which involved five shipyards-of which two were built from scratch-, had the promise to generate investments of the order of US $27 billion. Today, eight years later, the seven comes down to over 25000 layoffs, empty patios in the shipyards and a series of judicial disputes involving shipyards, their shareholders, seven Brazil and Petrobras itself. The financial problem of the seven began when the BNDES, due to the cases of corruption revealed by the car wash, decided to halt the financing to the project greater than R $10 billion, which had already been pre. The scheme was revealed by Pedro Barusco, then director of the seven, and then by João Carlos Ferraz, who was president of the seven. They were both state officials. Source: The Globe

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