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Petrobras hawks controversial rig pair for as little as $20m

Petrobras hawks controversial rig pair for as little as $20m

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Beleaguered Brazilian energy major Petrobras is hawking off a pair of drilling platforms for as little as $20m. Petrobras originally paid $680m to corrupt construction conglomerate Odebrecht for the two platforms.

The platforms, P-59 and P-60, were built by Odebrecht and Queiroz Galvao in what has since turned out to be part of a massive corruption scam. Odebrecht’s CEO, Marcelo Odebrecht, is serving a 19-year prison sentence for paying bribes for lucrative contracts like these two deepwater jackups.

The two platforms were the first of their kind built in Brazil in 30 years.

With debts among the highest of any publically traded company in all of the Americas, Petrobras has initiated a fire sale of assets to stay afloat.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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