Petrobras to terminate three Ultrapetrol PSV contracts

Ultrapetrol PSV Ultrapetrol PSV

SEPTEMBER 21, 2015 — Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR) reports that it has received notification from Petrobras regarding the early termination of contracts for three of its non-Brazilian flag platform supply vessels (PSVs), the UP Amber, UP Pearl, and UP Esmeralda.

 

Ultrapetrol says it is "exploring alternative courses of action to remedy the situation, including negotiations with Petrobras and employment in other offshore markets."Ultrapetrol's Offshore Supply Business continues to operate six PSVs with Petrobras under Brazilian flag or with Brazilian Special Registries ("REB Rights").

Additionally, the non-Brazilian flagged RSV UP Coral has recently commenced a six-year contract to provide subsea support services to Petrobras, while the two laid-up North Sea vessels, UP Agate and UP Jasper, are currently participating in tenders to enter service with Petrobras as an RSV subsea support vessel and a PSV with REB Rights, respectively.

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