Teekay and Modec Said Favored to Win Petrobras Brazil Contracts
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Teekay Offshore Partners LP and Modec Inc. are leading the race to supply two vessels to produce oil in deep waters for state-run Petroleo Brasileiro SA, three people familiar with the contract terms said.
Petrobras, as the largest producer in waters deeper than 1,000 feet (300 meters) is known, is preparing to award Teekay and Odebrecht Oil & Gas a contract as early as October for the first production unit at its biggest discovery Libra, after the partners offered a daily rate of about $545,000 earlier this month, the people said, asking not to be named because results haven’t been made public.