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Petrobras sets terms to scale back grandiose Lula-era ships deal

Brazil's oil major Petrobras takes a step closer to scaling back an ambitious ship deal that was made in an era of big spending and towering oil prices.

Photo: /ritzau/AP/Leo Correa

Petrobras moved a step closer to reducing an ambitious drillship-fleet plan from an era of big spending and high oil prices into something more realistic.

The Brazilian producer’s board approved the main terms for an extra-judicial settlement with Sete Brasil -- a company created in 2010 to build 28 high-tech vessels for ultra-deep offshore fields -- as it seeks to stick with just four ships.

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