Brazil's Petrobras cancels five drill rigs from Ocean Rig

SAO PAULO Thu Nov 29, 2012 6:24pm EST

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SAO PAULO Nov 29 (Reuters) - Brazil's state-led oil company Petrobras cancelled on Thursday an order for five drill ships from Ocean Rig Group, according to a securities filing, saying it needed to drill fewer wells in the Santos Basin than originally expected.

In February, Petrobras agreed to lease five offshore drill rigs from Ocean Rig for $548,000 a day over a 45- to 90-month period as part of $225 billion expansion plan aimed at tapping vast oil reserves recently discovered off Brazil's coast.

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