Petrobras pulls out of negotiations for five Ocean Rig units

NOVEMBER 29, 2012 — Petrobras says that it today canceled the process of contracting five drilling rigs, capable of drilling in up to 3,000 meters of water, with the Ocean Rig Group.

“This decision,” it said “is based on the reduction of future needs for drilling, due to a fewer number of wells expected to be drilled in the pre-salt Santos Basin, relating to a higher productivity gained through the project wells in that area.”