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

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

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.