MAY 28, 2012 –Petrobras subsidiary Transpetro reports that it has suspended  execution of its contracts 16 of the 22 tankers it has on order from shipbuilder Estaleiro Atlântico Sul  (EAS).

The contracts will remain suspended until  August 30, 2012, by when EAS will have to meet conditions that include having:

• a technical partner with proven experience in building ships;
• an action plan and a schedule for reliable construction of the ships;
• an engineering design for the vessels that meets contract specifications.  

If, at the end of this period, EAS does not meet these requirements, the contracts the vessels may be terminated, with the possibility of application of the penalties under contracts.

During the period of suspension, no resources will be contributed in the construction of the ships. Transpetro says it will not be liable for costs incurred by the shipyard as a result of the suspension.

MAY 28, 2012 –Petrobras subsidiary Transpetro reports that it has suspended  execution of its contracts 16 of the 22 tankers it has on order from shipbuilder Estaleiro Atlântico Sul  (EAS).

The contracts will remain suspended until  August 30, 2012, by when EAS will have to meet conditions that include having:

• a technical partner with proven experience in building ships;
• an action plan and a schedule for reliable construction of the ships;
• an engineering design for the vessels that meets contract specifications.  

If, at the end of this period, EAS does not meet these requirements, the contracts the vessels may be terminated, with the possibility of application of the penalties under contracts.

During the period of suspension, no resources will be contributed in the construction of the ships. Transpetro says it will not be liable for costs incurred by the shipyard as a result of the suspension.

MAY 28, 2012 –Petrobras subsidiary Transpetro reports that it has suspended  execution of its contracts 16 of the 22 tankers it has on order from shipbuilder Estaleiro Atlântico Sul  (EAS).

The contracts will remain suspended until  August 30, 2012, by when EAS will have to meet conditions that include having:

• a technical partner with proven experience in building ships;
• an action plan and a schedule for reliable construction of the ships;
• an engineering design for the vessels that meets contract specifications.  

If, at the end of this period, EAS does not meet these requirements, the contracts the vessels may be terminated, with the possibility of application of the penalties under contracts.

During the period of suspension, no resources will be contributed in the construction of the ships. Transpetro says it will not be liable for costs incurred by the shipyard as a result of the suspension.