Oleo e Gas Freezes OSX-3 Payment

zoom Brazilian oil company Oleo e Gas Participações SA said that it has suspended payment for the OSX-3 floating production, storage and offloading ship (FPSO) to bankrupt ship-leasing company OSX Brasil. The suspension is said to last for six months. Oleo e Gas, which is also undergoing restructuring, has reached an agreement with OSX to take over operation and maintenance of the FPSO OSX-3 platform. Under the arrangement, the oil company will pay a compensation for OSX Services for the lost revenue from the contract. The FPSO is employed by Oleo e Gas for the production at its Tubarão Martelo oil field northeast of Rio de Janeiro. Oleo and Gas, formerly known as OGX Petroleo e Gas Participações SA, filed for bankruptcy in 2013 in the Court of Justice of Rio de Janeiro after defaulting on a USD 45m bond payment. World Maritime News Staff; Image: OSX