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Sembcorp Marine secures $4 billion worth of orders from Sete Brasil
August 8, 2012 / 1:00 AM / 5 years ago

Sembcorp Marine secures $4 billion worth of orders from Sete Brasil

SINGAPORE (Reuters) - Sembcorp Marine Ltd (SCMN.SI), the world’s second-largest oil rig builder, said on Wednesday it has secured contracts worth about $4 billion from Sete Brasil, highlighting Brazil’s push to become one of the world’s three largest oil producers.

Sembcorp’s orders, for the design and construction of five drillships, will be built in Brazil and be chartered to Brazilian state-led oil firm Petrobras (PETR4.SA) for 15 years, which needs them to develop giant new offshore oil resources.

The orders are for high-specification drillships with advanced capabilities for ultra-deepwater operations, and are scheduled for delivery between 2015 and 2019.

Sete Brasil is 10 percent-owned by Petrobras, which is buying dozens of offshore drilling rigs, oil tankers, floating production platforms and offshore support vessels under a $235 billion five-year investment plan, the world’s largest corporate spending program.

The rest of Sete Brasil is owned by an investment fund backed by Brazilian pension funds such as Previ and banks Santander (SAN.MC), Bradesco (BBDC4.SA), BTG Pactual and state-owned Caixa Economica Federal.

Reporting by Charmian Kok and Jeb Blount; Editing by Chris Gallagher

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