This excerpt taken from the PBR 6-K filed Nov 12, 2008.
12.5 Leasing of platforms and vessels
At September 30 and June 30, 2008, the direct and indirect subsidies had leasing agreements for offshore platforms and vessels that are chartered to Petrobras, where the commitment assumed by the Parent Company is equivalent to the amount of the contracts. The Parent company also had direct leasing agreements with third parties for other offshore platforms.
The amounts of the property, plant and equipment, net of depreciation and liabilities that these platforms would represent if they were recorded as capital leases of assets are presented as follows:
The prepaid expenses with afreightment of platforms incurred in the period prior to entry into operation are recorded as prepaid expenses and amounted to R$ 873.920 thousand at September 30, 2008 (R$ 956.407 thousand at June 30, 2008), of which R$ 545.702 thousand is recorded as non-current assets (R$ 644.690 thousand at June 30, 2008).