TMCNet:  Merger of Companies into Petrobras [Gulf Oil & Gas (Egypt)]

[February 27, 2014]

Merger of Companies into Petrobras [Gulf Oil & Gas (Egypt)]

(Gulf Oil & Gas (Egypt) Via Acquire Media NewsEdge) Petrobras, in compliance with the provision set forth in CVM Instruction 358/02, announces that its Board of Directors has approved the merger proposals of Termoacu S.A., Termoceara Ltda. and Companhia Locadora de Equipamentos Petrol?feros - CLEP. These mergers will be voted by shareholders in a Special Meeting to be convened at the appropriate time.

The merger of these companies aims at streamlining the company's corporate structure, reducing costs and capturing synergies.

Since the mergers involve wholly-owned subsidiaries, Petrobras' capital will not increase and no new shares will be issued. The shares representative of the capital of the referred to subsidiaries will be dissolved, and the necessary accounting records will be made at Petrobras.

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