Starboard makes best offer for Petrobras field

Starboard makes best offer for Petrobras field

Debt Corporate & Sovereign Strategy Equity M&A Project & Infrastructure Finance Energy Gas Brazil Latin America

The asset management division of Starboard Restructuring Partners, a restructuring firm based in São Paulo, made the highest offer to buy the Papa-Terra offshore oil field from Brazil's Petrobras, the state-owned oil company said in a securities filing. Starboard, which owns local oil field operator 3R Petroleum, offered around $90 million for the concession in the Campos Basin off the coast of Rio de Janeiro, Petrobras said. Petrobras expects to start negotiations with Starboard, but it did not

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