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To: Broken_Clock who wrote (39069)	3/5/1999 10:15:00 PM
From: Big Dog	Read Replies (2) \| Respond to of 95453

Not to be an alarmist (I have a ton riding on continuity in Brazil), but this resignation of Petrobras' president has the potential to have quite an impact. If new management comes in and reshuffles mgmt and directors, Petrobras could decide to "cancel" or "renegotiate" existing contracts on rigs they made deals on when day rates were much higher. There is speculation that the best thing for Petrobras would be to scratch some of those deals and "start over" anyway. For example, the mess with the Pride/Maritima Amethyst rigs just continues to worsen -- Maritima is now fighting with Ocean Rig lawyers about a $15 million "good faith deposit" that Ocean Rig is trying to seize due to lack of certain performance on the part of Maritima realted to the chartering of the two Ocean Rig Bingo 9000 semis, according to Ocean Rig. Petrobras could get a number of rigs today cheaper. This could be the excuse they are looking for to re-deal the cards. It actually could be the reason for the mgmt change in the first place. I don't like it. big loosbrock.com