Petrobras - the only source of hope...

In 2006 Petrobras estimated that they needed 146 new OSVs, to be able to cope with the high level of exploration and production increase on the Brazilian continental shelf, from 2010 to 2020. This winter they announced many long term contracts for PSVs, giving the North Sea spot market a boost by chartering a lot of the available tonnage. The same is about to happen in the AHTS spot market; the official plan is that they will charter some 4 AHTS vessels on 4+4 contracts, but the word on the street is that its going to be more than that.

In my last post i wrote about Siem Offshore, and one reason for my positive view of this company is that they have proved to be a strong contender for these contracts. If they get 4 of the AHTS contracts they've secured the cash flow and income of the company for the next few years. A good trigger for a company valued at a P/B of 0.7...

Petrobras ranking