Petrobras cancels five leased drilling rigs from Ocean Rig

11/29/2012

Petrobras cancels five leased drilling rigs from Ocean Rig

SAO PAULO -- Petrobras said it has canceled plans to hire five drilling rigs from  Ocean Rig.

Petrobras said it won't need as many rigs as it had initially expected, because it won't have to drill as many wells due to "higher productivity gained through the project wells," Petrobras said in a statement.

The rigs had been slated to operate in the Brazilian subsalt areas, where massive oil reservoirs have been discovered in recent years. The oil is located off Brazil's southeast coast, beneath deep Atlantic Ocean waters and several km of rock-bed, including a thick layer of salt.

The five Ocean Rig drilling rigs were to be capable of drilling in up to 3,000 m of water, Petrobras said.

Dow Jones Newswires

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