Report: Schahin in for bankruptcy protection. Halts work on five rigs

Exploration & Production

Brazilian oil company Petrobras will stop operations on five offshore rigs leased from its compatriot supplier Schahin.

According to Reuters, Schahin, the cash strapped provider of offshore platforms and drilling rigs, informed Petrobras on Thursday, April 2, it would gradually cease operations on the five units.

Furthermore, Bloomberg, citing unconfirmed reports, wrote that Schahin, unable to pay its creditors, could seek bankruptcy protection “as early as this week.”

Schahin has since March been banned from bidding for new contracts with Petrobras, as the oil giant began an investigation into an alleged corruption case, whereby Schahin has been accused of bribing executives in exchange for contracts.

Offshore Energy Today Staff