Brazil operator suspends payments for FPSO

Oleo e Gas Participações SA, a Brazilian oil company under bankruptcy protection, has said it suspended payments for six months to bankrupt ship-leasing company OSX Brasil SA on an FPSO.

Offshore staff

RIO DE JANEIRO – Oleo e Gas Participações SA, a Brazilian oil company under bankruptcy protection, has said it suspended payments for six months to bankrupt ship-leasing company OSX Brasil SA on an FPSO.

Reuters has reported that Oleo e Gas, formerly known asOGX Petroleo e Gas Participações SA, made the decision after being unable to come to an agreement over future payments to OSX for the OSX-3FPSO in a hearing before a bankruptcy judge in Rio de Janeiro.

Oleo e Gas uses theOSX-3at the Tubarão Martelo oil field northeast of Rio de Janeiro in the offshore Campos basin.

03/18/2015

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