Brazilian government to raise stake in Petrobras

According to an oil and gas analyst at SLW Corretora, Erick Scott Hood, the Brazilian government will raise its stake in the national energy giant, Petrobras, to as much as 50 per cent once the company completes its capitalisation process set to commence in September.

"The higher the price of the oil barrel to be used in the calculation for the oil-for-shares swap, the bigger will be the government participation. If they use a price of US$6/b or above, minority shareholders will face a hard time and will end up being diluted," said Hood.

Reports on the pre-salt oil areas to be used for the oil-for-shares swap between the Brazilian government and Petrobras have already been delivered. The final results are expected to be released by the end of the month.

"The government is planning to buy all shares minority shareholders leave available. The government will probably get to a 46 per cent stake from the 32 per cent it currently holds," added Hood.

Source: Business News Americas

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

Acergy awarded $220 million contract by Petrobras

Acergy has been awarded a new four-year contract by Petrobras, for the Acergy Condor, in Brazil, commencing in September 2010. The contract, estimated to be worth around $220 million, is for the provision of flexible laying services, offshore Brazil in water depths of up to 2,000 mt.

Acergy currently operates two ships on long term contracts for Petrobras: the Acergy Condor, carrying out flexible line bundle laying down to 2000 mt as well as ROV operations, and the Acergy Harrier, carrying out saturation diving intervention and diverless construction down to 3000 mt water depth.

“We are pleased to have been awarded this contract for the Acergy Condor, which follows more than twelve uninterrupted years of similar work by this ship for Petrobras, during which we have achieved an excellent operational and safety performance. It demonstrates the high degree of client satisfaction with our operational capabilities and our strong local presence,” said, Acergy's chief operating officer, Bruno Chabas.

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

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

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