Petrobras has decided to temporarily interrupt two of the four contracts signed with the maritime services company Columbus Offshore, for a total amount of 413.2 million reais (70.4 million euros), intended for repair work on the towing and anchoring platforms of two vessels.
"The vessels Geonisio Barroso and Yvan Barretto are undergoing corrective maintenance and [...] circumstances beyond the company's control, including issues related to imported spare parts, have caused the repair deadlines to be extended beyond what was initially planned," explained MLog, the parent company of Columbus Offshore, in a relevant fact with the Comissão de Valores Mobiliários (CVM).
Thus, Columbus Offshore and Petrobras have agreed to stop the contract related to the Geonisio Barroso for 365 days and the one corresponding to the Yvan Barretto for 240 days. After these periods, the Brazilian oil company has committed to automatically reactivate the conditions of the agreement and extend its duration for a period equal to the suspension time.
In parallel, both parties have left open the option to modify these moratoriums if the appropriate circumstances arise that allow for the repairs of the vessels to be completed ahead of schedule.