Petrobras (PBR) cancels an order for five drill ships from Ocean Rig UDW (ORIG), saying it...


Petrobras (PBR) cancels an order for five drill ships from Ocean Rig UDW (ORIG), saying it needs to drill fewer wells in the Santos Basin than originally expected. PBR had agreed to lease five offshore drill rigs from ORIG for $548K/day as part of a $225B expansion plan aimed at tapping vast oil reserves recently discovered off Brazil's coast.
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Comments (2)
  • william l
    , contributor
    Comments (378) | Send Message
     
    These are drill ships that have not been ordered yet.Thus only potential business gone and does not effect the company.
    30 Nov 2012, 08:58 AM Reply Like
  • charlesgorodess
    , contributor
    Comments (2) | Send Message
     
    I have a substantial position in PBR. Although I am a long-term holder of PBR, the last few years have shaken my confidence. The basis for the cancellation is the recognition that the order was unnecessary to meet their needs. What? Since when does a company the size of Petrobras fail by such a margin to estimate their future needs?
    30 Nov 2012, 10:42 AM Reply Like
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