Extend or re-bid?

As the market tights up, Petrobras sets the foot on the throttle to extend a pack of contracts expiring in 2022. However, that doesn’t mean less competition in currently open tenders. The extended contracts feature clauses where owners can bid on tenders, and in case of a delivery date (of the tender) falling within the extended contract period, the vessel can migrate from the extended contract into the new contract without any penalties. Petrobras playing smart. This is an interesting move that also benefits the owners and makes everyone comfortable. Win-win.