Petrobras moves FPSO conversion work to China

Petrobras (NYSE:PBR) is moving to China the work of converting four tankers into FPSOs.

Offshore staff

RIO DE JANEIRO –Petrobras (NYSE:PBR) is moving to China the work of converting four tankers into FPSOs.

According to the Dow Jones report of a newspaper article in Brazil, the work on P-67, P-75, P-76, and P-77, the Brazilian shipyards would not be able to meet the construction schedule which would result in delays getting into production.

Petrobras also said the change still will meet the requirements for local content as the work amounts to less than 3% of the total value and that the conversions would be completed inBrazil.

P-67 is part of an order for eight replicated FPSOs, while the other three will be used to produce oil fromareas transferred to the company from the government.

Petrobras has done work on FPSO conversion in China prior to this.

2/26/2013

More in Field Development