OPINION: Brazil always said it wanted to emulate Norway when it came to developing a modern and competitive oil sector rooted in the national interest, but this idea extends to the corporate world where restructuring and renewal are also important.

Efficient and predictable bankruptcy protection proceedings and a rules-based merger and acquisition sector are essential to this ambition, and events in Rio de Janeiro and Oslo this week showed that progress has been made

In the Brazilian drilling sector, leading offshore services providers such as Constellation Oil Services and Ocyan have been able to renegotiate debt to maintain business operations.