Related Articles
Forward article link
Share PDF with colleagues

The deepening crisis at Sete Brasil

The Brazilian rig builder once had a bright future. Now the Carwash scandal and mounting debts have left it on the brink of bankruptcy

Sete Brasil's fortunes were tied to Petrobras's from the start. While the government saw the state firm as a national champion for developing the pre-salt oilfields, Sete Brasil was to be the domestic coordinator for construction, delivery and operation of the deep-water rigs Petrobras and others would need. Strict local-content rules would shield the new firm from international competition. As Petrobras's plans grew more ambitious, Sete Brasil's portfolio swelled. The company secured deals to build an armada of 29 deep-water rigs at five shipyards along Brazil's coast through the end of the decade, which it said would create 150,000 jobs. That would have made it the world's largest ultra-d

Also in this section
Rosneft: scaling the heights of power
19 April 2017
High-wire deal-making has become the hallmark of Russia's national oil champion. But are expansion plans risking too much?
Tatneft edges towards the precipice
5 April 2017
The company's finances are under severe strain, as its resources are drained off to prop up an ailing local economy
China's oil loans run into trouble
5 April 2017
China extended much credit to secure oil supplies. Now it needs borrowers to start repaying