Have local rig builders been rescued from Brazil's oily corruption scandal?

Orders might not be cancelled.

Sete Brasil appears to have reached a turning point in its oily corruption scandal. According to a report by UOB Kay Hian, Sete Brasil's restructuring plan has been approved by shareholders while orders with Keppel and Sembcorp Marine appear to have breezed through unscathed.

"The latest newswire reports suggest a possible turning point in Brazil. Sete Brasil's restructuring plan has received shareholders’ approval. Its rig-building programme will most likely be reduced from 29 to 15 units. Orders with Keppel and SMM appear to be fully maintained. Sete Brasil showed plans to renegotiate up to US$4.5b of debt, including US$1.2b in late payments owed to shipyards,” stated the report.

"A solution to Sete Brasil’s financial gridlock would be a major positive for both the Singapore rig builders. However, both groups still need to ride through the current downturn of the global O&G industry," the report added.

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