The deepening crisis at Sete Brasil
The Brazilian rig builder once had a bright future. Now the Carwash scandal and mounting debts have left it on the brink of bankruptcy
Sete Brasil's fortunes were tied to Petrobras's from the start. While the government saw the state firm as a national champion for developing the pre-salt oilfields, Sete Brasil was to be the domestic coordinator for construction, delivery and operation of the deep-water rigs Petrobras and others would need. Strict local-content rules would shield the new firm from international competition. As Petrobras's plans grew more ambitious, Sete Brasil's portfolio swelled. The company secured deals to build an armada of 29 deep-water rigs at five shipyards along Brazil's coast through the end of the decade, which it said would create 150,000 jobs. That would have made it the world's largest ultra-de
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
