Petrobras Charters 9 Brazilian Vessels for 2011-2014

Petrobras signed three Time Charter Party vessel-commissioning contracts with Brazilian Shipping Companies (BSCs). The signing ceremony was held Tuesday, December 29, 2009, at the company's main office building (Edise), in Rio de Janeiro.

The initial contracting is for nine vessels for 15-year terms. The vessels, to be built in Brazil and by BSCs, are expected to set sail between 2011 and 2014.

Three vessels, of approximately 4,500 DWT (Dry Weight Tons), will be used to transport bunker (maritime fuel) and were contracted from Navegação São Miguel Ltda.; three others, of approximately 2,500 DWT and also to be used for bunker transportation, were contracted from Delima Comércio e Navegação Ltda.; and the remaining three, of approximately 45,000 DWT and to be used to transport clear products, were contracted from Global Transporte Oceânico S.A.

In total, 19 vessels will be contracted under this program, which is an inseparable part of a set of initiatives Petrobras has undertaken to drive naval construction in Brazil. The initiative is aimed to reduce maritime fleet dependence on the external market and generate jobs, always using international cost and quality parameters as reference.