UPADATE 1-Temasek invests $400 mln in Brazil’s Odebrecht

* Company’s oil and gas group offers services, platforms

* Has orders to build five rigs for Brazil’s Petrobras
(Adds details on Odebrecht, Temasek)

RIO DE JANEIRO, Oct 19 (BestGrowthStock) – Brazilian engineering
firm Odebrecht said on Tuesday its oil and gas division has
received a $400 million investment from Singapore state
investor Temasek.

“This represents the most important step in the growth of
OOG,” the company said in a press release, referring to
Odebrecht Oleo e Gas.

That division plans to invest $3.5 billion over the next
three years to tap into Brazil’s booming oil services market,
which is slated for expansion as the country taps deep water
oil reserves off its coast.

It has received orders to build five rigs for state oil
company Petrobras (PETR4.SA: ), which hopes to buy most of its
offshore equipment from domestic suppliers in order to support
the naval industry and boost the domestic economy.

Temasek is the world’s eighth-largest sovereign wealth fund
according to UK research firm Preqin earlier this year, with a
portfolio of $134 billion as of March 31. It is the smaller of
Singapore’s two sovereign wealth funds.

Odebrecht Oleo e Gas also charters and operates floating
platforms known as FPSOs that are widely used by Brazil’s oil
industry to produce from offshore fields.

Petrobras plans $224 billion of investments over five years
to turn Brazil into a major oil exporter by developing the
reserves buried deep under the ocean floor in a region known as
the subsalt.
(Reporting by Denise Luna; Editing by Phil Berlowitz, Dave
Zimmerman)

UPADATE 1-Temasek invests $400 mln in Brazil’s Odebrecht