RIO DE JANEIRO�Petroleo Brasileiro SA (Petrobras) sold its Petrobras XX floating production unit to Westdeutsche Landesbank (WestLB) for $200 million.
Petrobras will continue to operate the unit through a leasing contract for 10 years, with the option to buy it back.
The company intends to complete other similar transactions this year.
Petrobras will complete the transaction by means of a special purpose company in the US, the company said.
The cost of the operation is 9.3%/year over the 10-year contract, the company said. Proceeds will be used to invest in the overseas subsidiary.
The Braspetro Oil Services Co., Petrobras' international subsidiary, executed the deal, the company said. The contract was signed in New York, while the special purpose company is incorporated in Delaware.
"The operation is interesting to the subsidiary since it makes it possible to leverage funds by means of the sale of an asset without the loss of the benefits generated by its operation," the company said.
Petrobras XX has capacity to produce some 61,500 b/d in 610 m of water.
The unit will continue to operate in Marlim oil field in the Campos basin off Rio de Janeiro state.