OGX Fires CFO as Batista Oil Startup Seeks Cash Injection

OGX Petroleo & Gas Participacoes SA (OGXP3) dismissed Roberto Monteiro, leaving Eike Batista’s crude company without a head of finance as it seeks more money from creditors in a bid to prevent bankruptcy protection proceedings.

OGX’s board “approved the destitution of Mr. Roberto Bernardes Monteiro from his posts as chief financial officer and director of investor relations, with the positions remaining vacant until a new director is chosen by the board” in a future meeting, the company said in a regulatory filing today. No further details were offered on the departure.

Monteiro joined OGX from sister company OSX Brasil SA (OSXB3), where he was also CFO, in April 2012 as Batista sought to adjust the startup’s investor relations strategy after it began to miss output targets. Monteiro’s departure comes after the stock lost more than 90 percent this year and Chief Executive Officer Luiz Carneiro said Sept. 12 that OGX plans to ask holders of $3.6 billion in bonds for more cash.

Diamond Offshore Drilling Inc. (DO) has notified OGX that it may end the contract for the Ocean Quest rig because the producer is behind on payments, according to a regulatory filing by Diamond yesterday. OGX owed Diamond $22.7 million on June 30.

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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