Brazilian contractor Odebrecht Oil & Gas (OOG) has decided not to exercise a put option to sell a stake of up to 25% in the Pioneiro de Libra floating production, storage and offloading vessel.
According to project partner Teekay Offshore, the deadline for OOG to sell the stake expired on 25 April.
If OOG was to exercise the put option, Teekay would be required to buy the stake at a discounted price, increasing its own interest in the Pioneiro de Libra FPSO to as much as 75%.
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