Petrobras woes reach Europe as slowdown leaves partners hanging
The European firms cite late payments, delivery delays or other difficulties in Brazil
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Madrid
WHEN Italian oil services company Saipem SpA spent US$300 million at the start of the decade in Brazil, it joined a long list of foreign companies jockeying for business with Petroleo Brasileiro SA. Now it's struggling to get paid.
Saipem is one of at least five European companies that mentioned late payments, delivery delays or other difficulties in Brazil during fourth-quarter earnings calls. While day-to-day operations are functioning, Petrobras partners are also facing decision-making obstacles that are inhibiting planning, said officials at partners Galp Energia SGPS SA, BG Group plc and Repsol SA, who asked not to be named.
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