Seadrill cuts $1.1 bln Petrobras deals from order backlog
OSLO Feb 13 (Reuters) - Norwegian offshore drilling firm Seadrill no longer expects to finalise several contract extensions with Brazil's Petrobras and removed the contracts from its order backlog, it said on Friday.
"Due to recent developments within Petrobras, the Company no longer believes the contracts will be concluded in the time frame or on the previously approved commercial terms," Seadrill said.
"Consequently, Seadrill will remove $1.1 billion from the backlog reported in its third quarter earnings release."
Top managers of Petrobras, including its chief executive resigned earlier this month amid a festering corruption scandal. (Reporting by Balazs Koranyi)
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