Seeking Alpha

Petrobras' oil declines lure Gradin family to $500M investment

  • GranEnergia, owned by Brazil’s billionaire Gradin family, is spending $500M on three offshore vessels to help Petrobras (PBR -1.1%) reverse declining output at its biggest production zone.
  • The logistics and oil services company already has a four-year contract with PBR to refurbish and repair aging platforms in the Campos Basin that supplies 80% of Brazil's oil, the company's president tells Bloomberg, and is negotiating with banks to finance 80% of the first $150M support vessel.
  • PBR’s program at Campos includes 35 aging platforms GranEnergia will help service with a support vessel that will begin operating in April.
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