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Petrobras, DOF Subsea ink US$150mn charter agreements

Bnamericas Published: Friday, February 22, 2019
Petrobras, DOF Subsea ink US$150mn charter agreements

Brazil's state oil firm Petrobras closed agreements worth around US$150mn with Norway's DOF Subsea for the charter of three ROV support vessels: the Skandi Commander, Skandi Olympia, and Skandi Chieftain units.

The three-year contracts are expected to start in the second quarter, with a possible extension for another two years, DOF Subsea explained in a statement.

The firm recently began an eight-year charter contract with Petrobras for the flexible lay and construction vessel Skandi Olinda, through its joint venture with TechnipFMC.

RATINGS UPDATE

Petrobras highlighted that Standard & Poor's increased its standalone credit grade to "bb-" from "bb", with a stable outlook, driven by a reduction of the Brazilian national oil company's debt levels.

S&P also highlighted production growth, a strong portfolio management, with investment efficiency and asset sales, as well as its governance standards, including an independent fuels pricing policy aligned to international prices.

The firm's global rating is still "BB-", in line with the country's sovereign grade.

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