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    Further cuts - and fewer rigs - at Petrobras

    News // October 13, 2015

    Nor-Ocean Offshore says Petrobras announced budget cuts for 2015 and 2016 from its 2015-2019 business plan announced in June 15 in light of the deterioration in oil price and exchange rates.

    Under the new plan investments for 2015 is reduced by another 11 per cent to US$25 billion and the 2016 budget is reduced by 30 per cent to US$19 billion. The company gave no further details as to where it will reduce activity further.

    However, Nor-Ocean says Upstream has reported that Petrobras is targeting a rig count of ~35 by mid-2016, around half of the number it had two years ago, and down from 45 today.

    Nor-Ocean Offshore said nine rigs will come off contract by July 2016 in addition to two drilllships that will be released ahead of time (originally 2017). Nor-Ocean said moored semis will stay as Petrobras needs moored rigs.

     

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