Petroleos de Brasil has a hold on high finance players that at times seems to border on the hypnotic. ABS players have also been loath to look away as the company waves its epic $224-billion investment plan in their faces.

The notion that ABS might be an ingredient in Petrobras' deepwater oil expansion was validated last month, with the closing of a transaction backed by revenues stemming from a seven-year charter agreement between the energy company and SPV Turasoria DE for the use of the Lancer drilling vessel.

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