Mitsubishi, Petrobras Team Up to Build $830MM Deepwater Drillship

Mitsubishi Corp. and Petrobras have agreed to team up in a joint venture in the area of related facilities for oil and gas production for more than ten years.

Through the joint venture company to be held by MC and Petrobras on a 50% each basis, MC and Petrobras will own a 10,000 ft water depth class ultra-deepwater Drillship. Total project cost for this joint venture will be approximately US $830 million, and the Drillship is scheduled to be completed and delivered in June 2010. Upon construction completion, the joint venture will charter out the Drillship to an affiliate of Schahin Engenharia S.A., a leading drillship operator in Brazil, which will render drilling services for exploration and development of Petrobras' deep-sea oil and gas fields in Brazil and abroad.

Through this first joint venture project, MC will work in order to further strengthen the relationship with Petrobras, which will enable MC to pursue more opportunities for further collaborations with Petrobras and make contribution to Petrobras' plan for the increase of oil and gas production.

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