Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (38912)	3/4/1999 1:49:00 PM
From: Gary Burton	Read Replies (2) of 95453

Noteworthy that Coflexip mentioned on Tues that Petrobras was refusing to honour US$ indexing clause in local supply contracts.They didn't mention the specifics of this but CLIXY is the first to go public with this. If I read between the lines right, my impression is that Brazil now is insisting in treating all its drilling contracts as if they were in local currency with no FX protection for the drillers etc. We may soon hear more about this with respect to other companies like FLC and PDE eg

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