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Loan and Guarantee for Ultra-Deepwater Oil Drillship Project of Petrobras
Helping Strengthen Japanese Firms’ International Competitiveness and Overseas Business Development

  • Region: Latin America and the Caribbean
  • Energy and Natural Resources
  • Marine and Aerospace
  • Overseas Investment Loans
  • Guarantees
  • Project Finance
NR/2009-92
March 31, 2010
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on March 30 a loan agreement in the aggregate amount of up to 497 million US dollars with P&M Drilling International B.V. (P&M), a company incorporated in the Netherlands in which Mitsui & Co. and Petróleo Brasileiro S.A. (Petrobras), a state-owned oil company in Brazil, have equity stakes. The loan, provided in project financing,*2 will finance the ultra-deepwater oil drillship (rig)*3 project for drilling in Brazilian and overseas coastal waters. The loan is cofinanced with the Bank of Tokyo-Mitsubishi UFJ, Ltd. (lead arranger), with JBIC providing a partial guarantee for the cofinanced portion.
     
  2. In this project, P&M will build and own an ultra-deepwater drilling rig and provide drilling service for 20 years through Transocean Group, the world's largest deepwater drilling rig operator. Developing ultra-deepwater oil wells on the seabed in the so-called "presalt" areas is an urgent business agenda for Petrobras. The company has thus pressing needs for ultra-deepwater drilling rigs whose worldwide supply is currently tight. This drilling rig will be the first to be owned jointly by Petrobras and a Japanese firm (Mitsui and Co.).
     
  3. As demand for ultra-deepwater drilling is increasing in Brazil and other parts of the world, there is the prospect of expanding market for ultra-deepwater drilling rigs. Japanese firms are thus planning to enter this market. In addition to Mitsui and Co., which has participated in this project, Japan Drilling Company, Ltd. (JDC), Japan's only offshore drilling contractor, has also participated, serving as a technical consultant to Mitsui & Co. By strengthening ties with Petrobras, JDC hopes to participate in ultra-deepwater oil drilling projects to be undertaken by Petrobras, as it is a leading user in the global rig market.
     
  4. JBIC is committed to providing effective support for overseas Japanese business activities by drawing on its range of financial instruments and schemes in response to their concrete needs.
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 Project finance is a financing scheme whereby repayment for a loan extended to a project relies on cash flows generated by project operation.
  3. *3 An oil drillship (rig) is a ship used for drilling offshore oil and natural gas, including exploratory and prospecting drilling and drilling for production oil wells.
  4.  

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