Petrobas Changes Course of Drill Rig Contract

Maritime Activity Reports, Inc.

November 30, 2012

Petrobas decides not to proceed with 5 ultra-deepwater Ocean Rig leasing contracts.

Petrobras has cancelled the process of contracting five drilling rigs, capable of drilling in up to 3,000 meters of water, from the Ocean Rig Group.

The company say the decision is based on the reduction of future needs for drilling, due to a fewer number of wells expected to be drilled in the pre-salt Santos Basin, relating to a higher productivity gained through the project wells in that area.

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