RIO DE JANEIRO – Petrobras has canceled leases with Schahin Petroleo e Gas SA on drilling and production vessels. Schahin plans to sue Petrobras to reinstate the contracts. If the cancellation is upheld, it will cover two drillships and two production platforms.
Schahin had already taken the vessels out of service to Petrobras earlier in the year, lacking funds to pay a creditor. The companies renegotiated the debt, reducing it by $1 billion. When Schahin notified Petrobras the vessels were ready for service, Petrobras canceled the leases.