Sete Brasil to borrow $3.7 Billion to Build Rigs for Petrobras

January 17, 2014

Sete Brasil Participacoes SA, the closely held oil-rig supplier that counts Petroleo Brasileiro SA (PETR4) and Banco BTG Pactual SA (BBTG11) among its stakeholders, was approved for an 8.8 billion reais ($3.7 billion) loan from Brazil’s development bank, Bloomberg reported on January 16. 

The funding is intended to support the construction of the first nine offshore drilling rigs out of a total of 29 rigs commissioned, the development bank known as BNDES said in an e-mailed statement today. Sete Brasil receives orders to supply off-shore rigs and then commissions them to shipyards, without building any itself.

Copyright: Bloomberg, 2014