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

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

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.