Brazilian state-owned oil giant Petrobras has handed a contract to offshore driller Seadrill for work in the Buzios field located offshore Brazil, media reports said. The contract is expected to be worth around $264 million.

Seadrill is expected to begin work for Petrobras’ in December 2022 and the contract is expected to be for a period of 1040 days.

Earlier this year, it was reported that Brazilian President Jair Bolsonaro is considering the privatisation of Petrobras. A decision, however, is yet to be taken.

Recently, Brazil’s Minister of the Economy Paulo Guedes also revealed that the Jair Bolsonaro led administration will privatise Petrobras within a decade.