Brazil's state-owned development bank, BNDES, said in a
statement on Thursday it had approved 10 billion reais ($4.2
billion) of financing for Sete Brasil, a group of Brazilian
banks and funds created to build deep-water rigs for state-run
oil company Petroleo Brasileiro SA.
BNDESPar, BNDES' corporate holding company, will buy 1.2
billion reais in bonds convertible to Sete Brasil stock. The
other 8.8 billion reais will be in loans. The financing will
fund nine deepwater offshore drilling vessels, two of them
semi-submersible platforms and seven drill ships.
All will be built in Brazilian shipyards and the first of
the nine ships is expected to be delivered by sometime in 2016.