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HomeMaritime NewsRegionsAsiaSapuraKencana not worried about Petrobras payment defaults

SapuraKencana not worried about Petrobras payment defaults

SapuraKencana not worried about Petrobras payment defaults
Malaysian offshore services provider SapuraKencana Petroleum, which has made good inroads into the Brazilian market with a contract for six piple-laying vessels for Petrobras and just launched the first of these this weekend, does not expect the uncertainties surrounding Petrobras' financing ability to pose a significant risk to the company, SapuracKencana officials were quoted as saying in local media.

There is a lot at stake, with around 50% of its outstanding orderbook coming from that one client, but management was quoted as saying that the company saw little risk of contract default from Petrobras.

SapuraKencana pointed to the good payment track record that Petrobras had with Seadrill as an example. “Even in the event of contract default, there would be a penalty term attached in the contract,” it added.

TAGS: Offshore
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