Lupatech closes two contracts with Petrobras
Valor Econômico
Lupatech has announced the execution of two contracts with Petrobras for the rendering of services in oil wells explored by the State oil company, evaluated at US$ 779 million, for five years after the start of the operations. The total value corresponds to nearly R$ 1.453 billion (US$ 807.2 million), or R$ 290.6 million (US$ 161.4 million) a year, the equivalent to little more than 52% of the consolidated net income the company had in 2009. According to the Investor Relations Officer of the company, Thiago Alonso de Oliveira, the work will be divided into two parts. One, budgeted at US$ 403 million, foresees operations under a water depth of up to 2.5 thousand meters in areas of the pre-salt layer that should start in up to 800 days after the signature of the contract. Another, budgeted at US$ 376 million, includes services up 1.1 thousand meters of depth that will begin being performed in no more than 700 days.
The contracts regard the two tenders won in December by the Macaé-based subsidiary Lupatech Equipamentos e Serviços para Petróleo. Since the beginning of 2010, the group had already announced the contracting, by Petrobras, of R$ 155 million (US$ 86.1 million) in valves that will be delivered over the next two years, besides R$ 150 million (US$ 83.3 million) in internal coatings for pipes for the exploration of oil and gas for a three-year period. According to Oliveira, in the coming weeks, Lupatech should also inform the market the signature of three other contracts to render services to Petrobras, besides five operations for the supply of mooring cables for offshore rigs.
The executive has said that in order to perform the new contracts Lupatech will invest US$ 100 million to equip the rigs. The investments will be funded by development banks and credit lines in negotiation with promotion agencies. "The operations are underway for the expansion of the company in the area of services". The staff, currently at nearly 3 thousand people, will also be increased, but the number of hires has not been defined yet. In 2009, services and products for the oil and gas industry represented 70% of the consolidated net income of R$ 555.2 million (US$ 308.4 million) of Lupatech.