Sete Brasil Bankruptcy Seen as Blow to Petrobras, Shipbuilders

By Guillermo Parra-Bernal SAO PAULO, April 20 (Reuters) - Shareholders in Sete Brasil Participações SA voted on Wednesday to allow the ailing rig lessor to seek bankruptcy protection after efforts to secure a long-term contract with state-controlled oil producer Petróleo Brasileiro SA failed. Petrobras, as Sete Brasil's sole client is known, confirmed the decision through … [Read more...]

Sete Brasil Shareholders Approve Plan to File for Bankruptcy

By Francisco Marcelino (Bloomberg) -- Shareholders of oil-rig venture Sete Brasil Participacoes SA agreed to a plan to file for bankruptcy protection after its single client failed to present a viable book order. A Sete Brasil official confirmed Wednesday that investors are backing the plan and declined to elaborate. Shareholders had set that day as a deadline for … [Read more...]

Petrobras Sought Arbitration in Sete Brasil Talks, Sources Say

By Guillermo Parra-Bernal and Aluísio Alves SAO PAULO, April 4 (Reuters) - State-controlled Petróleo Brasileiro SA unsuccesfully sought the appointment of arbiters to rework a long-term contract with debt-laden drilling rig leaser Sete Brasil Participações SA, according to three sources with knowledge of the situation. The proposal, made in recent weeks, called on each … [Read more...]

Sembcorp Marine: Sete Brasil Stiffing Us on Drillship Projects

SINGAPORE, July 29 (Reuters) - Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday. "Basically what has been ongoing, based on the delay, I think there may be some slow down," Tan Cheng Tat, Chief Financial Officer, said at an … [Read more...]

Sembcorp Marine in Talks with Sete Brasil Over Delayed Payments

By LEE ROUURN and Rujun Shen SINGAPORE, Feb 12 (Reuters) - Sembcorp Marine said it is in talks with Sete Brasil over delayed payments worth millions of dollars on orders that the Brazilian company has placed with the Singaporean rig builder. Wong Weng Sun, Sembcorp president and chief executive, told reporters and analysts at a briefing that Sete Brasil now owes the … [Read more...]