Editor's Note: The Brazilian appeals court decision referred to below involves the FPSO OSX 3. The Court has based its decision on the grounds that Liberia is not a party to the Bustamante Code or to the International Convention for the Unification of Certain Rules of Law Relating to Maritime Liens and Mortgages (1926). The Court seems to reject commonly accepted international … [Read more...]
Deadbeat Ex-Billionaire Batista Tempts Bondholders to Seize Once-Prized Ship
By Juan Pablo Spinetto (Bloomberg) -- Out in the Atlantic Ocean, 130 miles off the coast of Brazil, an oil ship the length of New York City’s Chrysler building is at the center of an escalating legal war. This battle pits the crude producer founded by Eike Batista, Brazil’s most notorious ex-billionaire, against bondholders who loaned another of his companies … [Read more...]
Óleo e Gás Suspends Payment for OSX-3 FPSO
RIO DE JANEIRO, March 16 (Reuters) - Oleo e Gas Participações SA, a Brazilian oil company under bankruptcy protection, on Monday said it suspended payments for an oil-production vessel to bankrupt ship-leasing company OSX Brasil SA for six months. Oleo e Gas, formerly known as OGX Petroleo e Gas Participações SA, said in a statement that it made the decision after being … [Read more...]
Batista’s OSX-3 FPSO Arrives in Brazil
RIO DE JANEIRO (Reuters) - OSX Brazil SA, the shipbuilding and ship-leasing unit of tycoon Eike Batista's Grupo EBX, said on Friday that its OSX-3 vessel arrived in Brazilian waters and would be delivered to sister oil producer OGX Petroleo e Gas Participações SA. The ship, known as a floating production, storage and offloading ship, or FPSO, will arrive in Rio de Janeiro … [Read more...]