Petrobras – Investor Relations


Investor Relations

Clarification on the hiring of an FPSO

Rio de Janeiro, June 2, 2010 – Petróleo Brasileiro S.A. - Petrobras, the operator of the consortium in charge of developing Block BM-S-11, announced, on 06/01/2010, the signing of the Letter of Intent with SBM Offshore N.V. (SBM) and Queiroz Galvão Óleo e Gás S.A. (QGOG) for the construction of the FPSO that will operate in the second pilot project in the Tupi area, in the pre-salt layer of the Santos Basin.

SBM, in turn, issued a statement announcing that the estimated amount of the payments due by Petrobras in regarding to the contract to be executed in the upcoming days totaled approximately US$3.75 billion.

The Company clarifies that its disclosure policy does not contemplates the disclosure of financial information about the executed contract, including the chartering rate of its platforms. However, in the context of the disclosure made by SBM, Petrobras clarifies that the amount refers to the sum of the chartering and operation rates, for the 20 years contract tenor and does not consider the net present value methodology. The first payment will only be made after the vessel has been delivered and operations begin.

Petrobras confirms that the project´s timeline calls for the FPSO to be delivered 34 months after the Letter of Intent is signed.

Block BM-S-11 is operated by Petrobras (65%), in partnership with BG E&P do Brasil Ltda. (25%) and Petrogal Brasil/Galp Energia (10%).

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