Petróleo Brasileiro S.A aka Petrobras is planning to release details from a programme dubbed Procop that is to address its cost base in December. The goal is to optimize operating costs and media in the know has thrown numbers in between 5 and 15 billion reais (2-6 billion Euros or 14-42 billion NOK). This will have an effect on contractors of the company.
Newspaper Dagens Næringsliv (DN) interviewed industry experts on the matter. They opinionated that there is likely to consequences on its drilling activities, which in turn could pressure mid/deepwater segment where rates can be under pressure from an industry oversupply. DN listed firms such as Fred. Olsen Energy (OSE: FOE), Songa Offshore (OSE: SONG), Seadrill (OSE: SDRL) Awilco Drilling (OSE: AWDR) as those affected. A. P. Møller-Mærsk (OMX: MAERSK A, MAERSK B) could be affected to a lesser degree. Additionally offshore vessel makers, sellers and renters are likely to think of what is coming as well.
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