Petrobras cans another vessel deal with DryShips

Brazilian state-owned oil company Petrobras has terminated yet another contract with DryShips, this time for one of DryShips’ oil spill recovery vessels (OSRVs). 

To remind, back in February, Petrobras terminated a contract for the Dryships-owned platform supply vessel, Vega Crusader.

DryShips, an international owner of drybulk carriers and offshore support vessels, announced on Monday that Petrobras has given notice of termination on the contract for the oil spill recovery vessel (OSRV) Vega Inruda effective as of April 8, 2016.

According to DryShips, the contract for the Vega Inruda was expiring on August 30, 2017 and this termination represents a loss in contracted EBITDA of approximately $2.9 million for the balance of 2016.

In October 2015, DryShips acquired Nautilus Offshore Services for $87 million plus the assumption of approximately $33 million of net debt, through its affiliate Ocean Rig UDW.

However, DryShips, the largest shareholder in the offshore driller Ocean Rig, recently announced it was selling its shares in the drilling company.

When it comes to Nautilus’ deal, the company, through its subsidiaries, owned six Offshore Supply Vessels, four of which were Oil Spill Recovery Vessels (OSRVs) and two Platform Supply Vessels (PSVs). At the time, all of these vessels were on time charter to Brazilian Petrobras until certain dates through 2017.

In addition to two, now DryShips-owned vessels, the Brazilian oil company terminated contracts with World Wide Supply for its platform supply vessels, with Siem Offshore for the PSV Siem Carrier, and also with Havila Shipping for the multi-purpose offshore vessel Havila Faith.

Offshore Energy Today Staff

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