March 1, 2018 / 11:56 AM / 21 days ago

Brazil's Petrobras reaches possible legal accord with rig lessor

SAO PAULO, March 1 (Reuters) - Brazilian state oil company Petroleo Brasileiro SA will continue to lease four rigs from Sete Brasil Participações SA and will terminate 28 other rig lease contracts, possibly settling a long-running legal dispute, it said on Thursday.

Petrobras, as the company is known, said in a securities filing the rig leasing contracts last for 10 years and are worth $299,000 per day. The accord “is conditioned on the presentation by Sete Brasil of a world-class rig operator with deep water experience,” it added.

Sete Brasil, which was founded in 2008 to fill the world’s biggest deep-water drilling fleet order, filed for bankruptcy in 2016 after efforts to secure a long-term contract with Petrobras failed. That led to a legal dispute with the oil company.

Reporting by Gram Slattery; editing by Jason Neely

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