Petrobras subsidiary cancels seven newbuild orders

Petrobras subsidiary Transpetro has reportedly cancelled contracts with Atlantico Sul Shipyard in Brazil for the construction of seven ships.

The original agreement was signed in 2008 and should have seen 22 vessels delivered to the oil and gas transportation company by 2016, Brazilian newspaper Folha de S.Paulo reported.

The contract was part of a fleet renewal program launched by Petrobras. The cancelled order for four Suezmax and three Aframax was worth a reported US$1.22 billion, according to Folha de S.Paulo.

However, five Aframax and three Suezmax vessels will still be delivered, expected before the end of 2019.

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