Page 21: of Maritime Reporter Magazine (June 2016)

antee that the debt-restructuring project special about Sete Brasil, also accord- will be successful. It is understood that ing to the Federal Police, is that it’s cor-

Petrobras’ new Directors of Explora- ruption funds would only be funneled to tion and Production would rather see Sete Brasil executives and the govern-

Sete defunct, as there is the option to ing party, the Workers Party or “PT”, build abroad at lower costs and just as with PTs former treasurer, João Vaccari importantly, on deadline. According to being directly involved in this scheme.

Marcelo Gomes, Executive Director of “Although the discourse utilized for the

Alvarez & Marsal, Brazilian shipyards creation of the company was to stimulate in general will need restructuring. “The the national market, what was observed, maritime sector is passing through a in reality, was the implementation and strong moment of restructuring because use of the new business structure in or- of the Petrobras crisis and the new level der to expand the corruption scheme of oil prices. The companies will need to structured on Petrobrás,” said part of a restructure operationally and ? nancially Federal Prosecution indictment. If these in order to adapt to the reality. There still accusations are proven, it may well be exit opportunities in the maritime sec- that saving Sete Brasil becomes unvi- tor,” said Marcelo. able. One thing is certain, even with

Another dark cloud that looms in the Petrobras’ internal restructuring and de-

Image: Icedesign horizon is related to ongoing “Carwash” crease in investments, it will still need investigations. According to the Brazil’s some of the partially built drillships and

Artist rendition of the Ondina

Federal Police and Federal Prosecutors, rigs in order to pursue its pre-salt ambi- drillship which is 70% completed

Sete Brasil was actually conceived, as tions, and the huge loss of jobs resulting at Enseada Shipyard.

a new layer of bureaucracy, speci? cally from ordering all its drillers from abroad engendered to facilitate embezzlement would bring massive political pressure and corruption schemes, such as those on the National Operator, effectively already uncovered within Petrobras by placing it between a rock and a very hard the “Carwash” investigation. What is place.

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