About $15 billion of this will be used up on drillships and semi-submersibles, with contracts to be granted in 2009.

In the next five to six years, we are looking for 240 different vessels… (including) drillships, storage units, supply vessels, transportation vessels and others, Almir Barbassa, chief financial officer of Petrobras said.

South Korean shipbuilders are among the best (in the world) with new technology and ways to reduce costs. They are very competitive in area of drillships and platforms and we welcome their participation, Barbassa said.

The amount of deals to be discussed solely on this trip is about $28 billion, an official at Korea Export Insurance Corporation, the host of the seminar, said.

Awards could begin as early as May. he added.