Sete Brasil Participações S.A.

Chapter 2 of the Wilson Center book (2020) describes that the task force concluded that two Petrobras directors and the PT treasurer agreed on bribes equivalent to 0.9% of the contracts brokered by Sete Brasil, with prices 11% to 24% above similar bids, and that Sete Brasil officially acknowledged bribes of US$224 million; the budget for the rigs was estimated at between US$22 and US$25 billion.

Source: Lessons of Operation Car Wash: A legal, institutional, and economic analysis (cap. 2, Costa, Lima e Goldschmidt) — Brazil Institute, Wilson Center (eds. Fabio Ramazzini Bechara and Paulo C. Goldschmidt; hosted by FGV Direito SP), Nov. 2020 · Ch. 2, section on Sete Brasil, pp. 42–43 · open original ↗

The same chapter states that corruption at Petrobras and its suppliers, aggravated by the fall in oil prices in 2015, led Sete Brasil to file for judicial reorganization at the end of April 2016, with debt estimated at about US$5 billion, two-thirds owed to the federal government through public banks and funds (Banco do Brasil US$1 billion; Shipbuilding Guarantee Fund US$1.3 billion; FI-FGTS US$0.7 billion; Caixa US$0.5 billion); in April 2016, the degree of completion of the contracts ranged from 4.78% to 89.96% per rig (Table 7).

Source: Lessons of Operation Car Wash: A legal, institutional, and economic analysis (cap. 2, Costa, Lima e Goldschmidt) — Brazil Institute, Wilson Center (eds. Fabio Ramazzini Bechara and Paulo C. Goldschmidt; hosted by FGV Direito SP), Nov. 2020 · Ch. 2, pp. 42–44 (Table 7) · open original ↗

The same chapter records, citing Sinaval, that direct jobs in the shipbuilding industry, above 82,000 in 2014, fell to about 50,000 in the first quarter of 2016, and attributes a devastating effect on the sector to the interruption of the Sete Brasil contracts.

Source: Lessons of Operation Car Wash: A legal, institutional, and economic analysis (cap. 2, Costa, Lima e Goldschmidt) — Brazil Institute, Wilson Center (eds. Fabio Ramazzini Bechara and Paulo C. Goldschmidt; hosted by FGV Direito SP), Nov. 2020 · Ch. 2, p. 43 · open original ↗

Sete Brasil filed for judicial reorganization in Rio de Janeiro in April 2016 (3rd Business Court), citing the fall in oil prices and the Lava Jato scandals as causes; the company was created in 2010 to build rigs for the pre-salt and its shareholders reportedly invested R$8.3 billion.

Source: Sete Brasil entra com pedido de recuperação judicial — Jornal do Brasil, Apr. 30, 2016 · News report of April 30, 2016 · open original ↗

On December 20, 2019, Petrobras approved the final terms of an agreement with Sete Brasil: charter and operation contracts for 4 rigs were kept for 10 years at US$299 thousand per day, and the contracts for the other 24 were terminated (Sete Brasil was to build 28 rigs for the pre-salt); Petrobras would leave the group's ownership structure.

Source: Petrobras aprova acordo com Sete Brasil que cancela contratos de 24 sondas — Exame, Dec. 20, 2019 · News report of December 20, 2019 · open original ↗

According to Movimento Econômico (February 28, 2024), Sete Brasil owed about R$17 billion to Brazilian shipyards, Petrobras, and the Shipbuilding Guarantee Fund; in 2019 the CGU recorded liabilities of R$17.4 billion with a low probability of recovery; Petrobras recognized a loss of R$5.6 billion in 2016; the FGCN contributed R$6.3 billion and the FI-FGTS R$2.5 billion; Atlântico Sul, Enseada, and Rio Grande suspended contracts after payments ended.

Source: Sete Brasil: pedido de falência e dívida de R$ 17 bi — Movimento Econômico, Feb. 28, 2024 · News report of February 28, 2024 · open original ↗

The TJ-RJ (3rd Business Court, Judge Luiz Alberto Alves) declared Sete Brasil bankrupt, according to a report of December 18, 2024, estimating liabilities of R$36 billion and stating that the group no longer has the conditions to recover; the request came from the judicial administrator and the Rio de Janeiro state Public Prosecutor's Office; the company said it would appeal.

Source: Justiça decreta falência de empresa de sondas alvo da Lava Jato — Poder360, Dec. 18, 2024 · News report of December 18, 2024 · open original ↗

The 2014 20-F describes that the contracts for rigs to be built in Brazil, to meet local content requirements, were awarded to Sete Brasil S.A., a company in which Petrobras held a 5% stake.

Source: Petrobras — Form 20-F do exercício de 2014 (demonstrações auditadas, nota 3 sobre a Lava Jato) — Petróleo Brasileiro S.A. — Petrobras (SEC), May 15, 2015 · Item 4 – Exploration and Production: drilling rigs · open original ↗

In 2015, Petrobras recognized losses of US$44 million on its direct investment in Sete Brasil and US$40 million via FIP Sondas, due to the worsening of the company's economic and financial conditions, postponement of most of its construction, and uncertainty about the continuity of the projects; on December 15, 2015 it set up an internal committee to investigate possible irregularities in the creation of the Rigs Project.

Source: Petrobras — Form 20-F do exercício de 2015 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 28, 2016 · Note 14.2 (impairment of investments); Item 6 – internal investigation committees · open original ↗

The 2016 20-F reports that Petrobras was a party to an arbitration in Brazil and a lawsuit in the US brought by Sete Brasil investors (EIG Management), who allege they were induced to invest; the company that filed for judicial reorganization is Sete Brasil.

Source: Petrobras — Form 20-F do exercício de 2016 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 27, 2017 · Item 8 – Legal Proceedings · open original ↗

Sete Brasil, founded in 2010, won two Petrobras bids in 2011–2012 for 28 rigs; it entered judicial reorganization in June 2016 (debt of about US$19.3 billion) and was declared bankrupt by the TJ-RJ in 2024 (the company said it would appeal); the entry cites Lava Jato in contracts with shipyards.

Source: Sete Brasil (verbete da Wikipédia em português) — Portuguese-language Wikipedia, Oct. 24, 2026 · text · open original ↗