Offshore staff

RIO DE JANEIRO, Brazil -- Transpetro (Petrobras Transporte) has agreed with the Rio Naval Consortium to construct nine vessels. The vessels are part of the company's fleet modernization and expansion program, which is part of the PAC, the federal government's growth acceleration program.

The Rio Naval Consortium will build five Aframax and four Panamax vessels for delivery to Transpetro between 2009 and 2012. In total, the Transpetro fleet modernization and expansion program foresees the construction of 26 vessels. Half of them will be built in Rio de Janeiro, generating more than 11,000 new direct jobs in the state.

The other Rio de Janeiro shipyard that will manufacture vessels for the company is Mauá Jurong, which won the four product-vessel lot bid. Last Jan. 31, Transpetro signed an agreement with the Atlântico Sul Consortium in Pernambuco for the construction of 10 Suezmax vessels

After signing with Rio Naval, Transpetro is preparing to sign an agreement for the seven vessels that will be ordered from the Mauá Jurong and Itajaí shipyards. Mauá Jurong will build four product vessels, while Itajaí will build three LPG vessels.

In total, the company's fleet modernization and expansion program foresees the construction of 42 vessels. The goal is to replace vessels; modernize and boost the company's fleet; increase Petrobras System's transportation capability; and contribute to revitalizing the large ship construction industry segment in Brazil, promoting Brazilian development by generating technology, jobs, and income.

The second phase will be implemented immediately after agreements are signed on the initial stage and will lead to the construction of 16 more vessels.

4/12/2007