Thu Oct 10, 2013 9:14pm EDT
(Adds share and bond prices, industry background)
RIO DE JANEIRO Oct 10 (Reuters) - Brazilian oil equipment and service company Lupatech SA said on Thursday it failed to make a $6.79 million payment on $275 million of outstanding perpetual bonds, the latest in a series of missed payments.
Lupatech also missed payments in April and July and the company has missed payments on local debt in reais.
Lupatech shares fell 43 percent to 1.04 reais in Sao Paulo trading on Thursday before the announcement, which came after the market closed. The stock has lost 63 percent of its value in the past year.
The latest payment was a quarterly installment due on the 9.875 percent debt that came due on Thursday, Lupatech said in a Brazilian securities filing.
Lupatech invested heavily to gain business in Brazil's expanding offshore oil industry. Delays and increasingly tight cash at Brazil's main oil producer, state-run Petroleo Brasileiro SA, have resulted in less revenue than expected.
Lupatech is one of several oil and gas companies, including OGX Petroleo e Gas SA and HRT Participações em Petróleo SA that has seen its share price and outlook plummet in the last year as expectations raised after the 2007 announcement of giant offshore discoveries near Rio de Janeiro were not met.
Lupatech's bonds trade at 8 cents on the dollar, a level common to debt in default.
Lupatech is working with creditors to find ways to bring its debt in line with its capital structure, the company said in the filing. (Reporting by Jeb Blount; Editing by Paul Tait and Richard Pullin)
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