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Petroleo Brasileiro SA Petrobras (PBR.N)

PBR.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Keppel updates on investigations on contracts with Petrobras, Sete Brasil
Sunday, 2 Oct 2016 07:03pm EDT 

Keppel Corporation Ltd : Refers to contracts entered into between certain Keppel entities with Petrobras and/or Sete Brasil . Has notified authorities in relevant jurisdictions of its intention to cooperate . Keppel recognises that certain transactions associated with Skornicki may be suspicious .Says matter continues to be under review.  Full Article

Fitch says Petrobras debt reduction efforts hinge on divestitures
Wednesday, 21 Sep 2016 01:24pm EDT 

Fitch Ratings: Fitch: Petrobras debt reduction efforts hinge on divestitures .Fitch on Petrobras - Investment reduction plan is not expected to impact production growth as most of decreases are supported by operating efficiencies.  Full Article

Petrobras says oil output to be lower in 2017 than in 2016
Tuesday, 20 Sep 2016 11:03am EDT 

: Petrobras says if it has a good profit result, it will pay dividends again; if it doesn't improve results, it won't . Petrobras says oil production in 2017 will be lower than in 2016, but will pick up toward 2020, 2021 to be close to previous goal .Petrobras says did not include possible legal settlement over corruption cases in U.S. in new five-year plan.  Full Article

Norway's Akastor in joint venture with Japan's Mitsui
Tuesday, 20 Sep 2016 02:17am EDT 

Akastor Asa : To create a joint venture with 50/50 ownership between its subsidiary AKOFS Offshore as and Mitsui & Co Ltd . The joint venture will acquire both the Skandi Santos hull from DOF Subsea Rederi AS and the Skandi Santos topside from AKOFS . Joint venture will subsequently enter into a lease agreement with akofs corresponding to remaining contract duration between akofs and Petrobras . Dof subsea will continue to provide rov and marine services onboard vessel as part of subsea equipment support vessel contract with Petrobras . Upon closing of transaction, akofs will realize a cash gain of usd 66 million, net of investments in joint venture . Transaction will result in an accounting gain of approximately usd 19 million for akastor, corresponding to half of total sales-gain of usd 38 million . Accounting gain is expected to be booked at closing in q4 2016 . The annual bareboat charter and related costs will increase by USD 8.5 million per year over the remaining contract period. The contract with Petrobras for the operations in Brazil will remain in a 100% owned subsidiary of AKOFS and will continue to generate positive results over the contract period, also when considering the increased bareboat charter rate . Says pleased to announce this partnership with Mitsui and excited about additional joint business opportunities currently being explored.  Full Article

SBM Offshore updates on status of leniency agreement
Friday, 2 Sep 2016 01:00am EDT 

SBM Offshore NV : Update on status of leniency agreement . Fifth chamber of Brazilian federal prosecutor service has not approved leniency agreement signed by Brazilian authorities, Petrobras and SBM Offshore .Company is seeking clarification on decision and will update market accordingly.  Full Article

Diamond Offshore says unit received notice of termination from Petroleo Brasileiro
Thursday, 1 Sep 2016 06:25am EDT 

Diamond Offshore Drilling Inc : On August 30, 2016, unit received notice of termination from Petroleo Brasileiro S.A. of drilling contract on Ocean Valor . Co does not believe Petrobras had valid/lawful basis for terminating contract, co to defend rights of unit under contract . Drilling contract was estimated to conclude in accordance with its terms in October 2018 - SEC filing Source: (http://bit.ly/2bXomra ) Further company coverage: [DO.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Petrobras CEO expects to make decision on binding offers for BR Distribuidora in Q1 2017
Monday, 29 Aug 2016 07:39am EDT 

Petrobras CEO Pedro Parente told reporters on the sidelines of the ONS oil conference in Stavanger, Norway, on Monday: Expects to make decision on binding proposals for BR Distribuidora in Q1 2017. Says: "The binding proposals we assess that we are going to have them by the end of this year and then first quarter next year we will have a decision on this issue." . Says has as not yet received offers for BR Distribuidora (Reporting by Gwladys Fouche and Karolin Schaps) ((gwladys.fouche@thomsonreuters.com;)).  Full Article

Keppel Corp responds to media reports on ongoing investigations on Petrobras
Wednesday, 3 Aug 2016 09:34am EDT 

Keppel Corporation: Keppel Corporation response to media reports on ongoing investigations on Petrobras . Refers to Bloomberg article dated August 3, 2016 reporting allegations made by Zwi Skornicki in criminal proceedings brought against him in Brazil . None of individuals named in article, including current CEO of Keppel Offshore and Chow Yew Yuen, have ever authorized Skornicki to make any payments as bribes .Keppel strongly denies the allegations reportedly made that Keppel executives authorized Skornicki to pay bribes on its behalf.  Full Article

Petrobras working hard to meet $15.1 bln asset-sale goal
Friday, 29 Jul 2016 09:30am EDT 

Petroleo Brasilerio SA, or Petrobras, Chief Financial Officer Ivan Monteiro and Exploration and Production chief Solange Guedes spoke to reporters in Sao Paulo about the company's agreement to sell its 66 percent stake in the BM-S-8 offshore block, home to the giant Carcara field, to Norway's Statoil ASA . : Recent Petrobras asset sales an important sign company is moving forward with large plan to sell assets including BR Distribuidora fuels unit and onshore oil fields. . Petrobras says strategy and asset-sale plan is based on generating cash in the near term. . Petrobras CFO Monteiro says sale of Chile, Argentina, and Brazil offshore and petrochemical assets shows company is keeping its promises. . Petrobras exploration and production chief says sale of 66 percent stake in offshore Carcará field to Norway's Statoil will free up cash for investments that will have expected return sooner. . Petrobras says Carcara offshore oil stake sold to Statoil will only bring return to owners in next decade. . Petrobras says Carcara field sold to Statoil will require equipment that is very different than Petrobras' existing subsalt systems and will cost 25 percent to 30 percent more than its standard offshore systems..  Full Article

Statoil's acquisition of Petrobras licence will not impact dividend policy -CFO
Friday, 29 Jul 2016 05:53am EDT 

: Statoil CFO, Hans Jakob Hegge, tells an investor call the newly announced acquisition of Petrobras' offshore licence BM-S-8 in Brazil will not impact the firm's dividend policy Further company coverage: [STL.OL] (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Brazil's Braskem says no formal pact to sell unit quantiQ

SAO PAULO, Oct 20 Brazilian petrochemical company Braskem SA said there was no formal agreement to sell its chemical products distributing unit known as quantiQ, according to a securities filing on Thursday, in the wake of media reports saying the unit may be sold.