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OSX Brasil Gets $732M Ship Contract

Oil field services company owned by Brazil's richest man signed a contract to build 11 tankers to be used by state-controlled oil company Petrobras.

SAO PAULO (AP) -- An oil field services company owned by Brazil's richest man says it's signed a $732 million contract to build 11 tankers to be used by state-controlled oil company Petrobras.

Brazil's government is pushing for a rebirth of the nation's shipbuilding industry, ordering Petrobras to use Brazil-made ships as it develops massive offshore oil reserves.

The company that won the contract is OSX Brasil S.A.

It's owned by billionaire Eike Batista. He's the globe's No. 7 richest man, according to the latest Forbes magazine list.

In a Monday release, OSX says it won the contract to build the medium-range tankers for Kingfish do Brasil Navegacao S.A.. The company will lease the tankers to Petrobras.

The vessels will be constructed at Batista's shipbuilding yard in Rio de Janeiro state.