Odebrecht drilling Norbe VIII/IX: project bonds as a refinancing tool in project finance

The Odebrecht Case Study describes and analyses the contractual and financial structure put in place to run the construction and operation of two drilling ships. Given the complexity and size of the project, Odebrecht Oleo e Gas, the Oil & Gas subsidiary of the Odebrecht Group, one of the leading Latin American industrial company, decided to finance the construction of the ships off balance sheet, structuring a project financing framework. Additionally, the case study discusses the decision taken by the top management team of Odebrecht Oleo e Gas to refinance the project with the issuance of Project Bonds on the financial markets.