Petrobas Contract OSX for Tankship Conversions

Petrobras signs a $900 million contract with OSX Brasil SA to convert two oil tankers into FPSO's.

According to Reuters, OSX, controlled by Brazilian billionaire Eike Batista, has agreed to deliver the first platform in 49 months, just over four years, and the second platform in five years.

Under the agreement with Rio de Janeiro-based OSX, Petrobras has an option to convert a third tanker into a platform, known as a floating production storage and offloading ship, or FPSO.

Source: Reuters