This excerpt taken from the PBR 6-K filed Dec 7, 2009.
Petrobras approves the hiring of Vessels
Rio de Janeiro, December 04, 2009 Petróleo Brasileiro S.A. - Petrobras announces that during a meeting held on 12/03, it approved the chartering of twelve of the nineteen vessels foreseen in the program called EBN (Empresas Brasileiras de Navegação, or Brazilian Shipping Companies).
The EBN involves the chartering for fifteen years of vessels to be built by Brazilian companies in shipyards located in Brazil. The program also establishes that the vessel must sail under the Brazilian flag and remain as such throughout the term of the contract.
The twelve vessels to be contracted will be granted to the tender winners in lots, as follows:
A- Three vessels for light oil products of approximately 45,000 DWT (Dry Weight Tons), with Global;
The contracting of the remaining seven vessels foreseen under the program, four of 30,000 DWT and three of 45,000 DWT, was not approved yet.
This program is part of a set of initiatives Petrobras has undertaken to drive naval construction in Brazil. The initiative aims to reduce dependence on international maritime freights, generating jobs in Brazil and uses international cost and quality parameters as reference.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 04, 2009
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