PBR & Sete Brasil to Waiver of Preemptive Right

Source: www.gulfoilandgas.com 8/9/2013, Location: South America

Petrobras announces that its Board of Directors, in a meeting held, approved the proposal to waiver the preemptive right for the subscription of debentures convertible into shares to be issued by Sete Brasil Participacoes S.A. (“Sete Brasil”) and that it will submit the subject for vote at an Extraordinary Shareholders Meeting to be convened in due course.

If the waiver goes forward and other parties acquire such debentures and, subsequently, choose to convert into shares of Sete Brasil, a dilution of Petrobras’ stake in Sete Brasil may occur.

Sete Brasil is a private corporation formed for the construction of 29 drilling rigs, of which Petrobras currently holds, directly and indirectly, a 9.36% stake.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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