Petrobras scandal could hit Norwegian oil barons

Oil companies controlled by prominent Norwegian business people, such as John Fredriksen and Kjell Inge Røkke (photo) are highly exposed in Brazil where the Petrobras scandal could now lead to consequences, a brokerage firm tells Dagens Næringsliv.

The unspooling of the major corruption case in state-owned oil company Petrobras could soon have a noticeable impact on several European service companies that are heavily exposed to the Brazilian market, says US-based brokers Citi according to Norwegian newspaper Dagens Næringsliv, pointing to companies such as John Fredriksen's drilling company Seadrill, Kjell Inge Røkke-controlled offshore entrepreneur Aker Solutions and company Subsea 7.

The brokers expect shipyard delays, increased competition and problems in the local supply chain following the Petrobras scandal, the effect of which has till now been limited for European companies - though this looks set to change.

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