Tuesday, 6 July 2010

Lupatech signs anchoring ropes contract with Petrobras

Lupatech, the Novo Mercado based manufacturer of industrial equipment for the oil and gas industry, has signed an 18 month contract with Petrobras, worth around R$140 million. According to the terms of the contract, Lupatech will be responsible for supplying polyester anchoring ropes for all new Petrobras platforms, until December 2011.

A Lupatech spokesperson said that the company expects to see revenues resulting from the Petrobras contract in the latter part of 2010, and early part of 2011. Current orders for Lupatech's equipment are estimated at R$2.5 billion, with R$466 million to be converted into revenues in the next 12 months, and the remainder, R$2.1 billion, thereafter.

Talking about the new contract, Lupatech's chief financial officer, Thiago Alonso de Oliveira, said that the company has seen a steady increase in demand for their products and services.

“We are facing a moment when the things we supply are in a period of growing demand. It's a period when several discoveries are in the beginning development phase,” said Oliveira. The new Petrobras contract is expected to help boost Lupatech's sales in Brazil.

To find out more about Lupatech, please visit Lupatech's web site which you can find here.

For more news and expert analysis about Brazil, please see Brazil Focus.

© 2010 Menas Associates

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