Petrobras Informs on Vantage Arbitration Case

Source: www.gulfoilandgas.com 7/17/2020, Location: South America

Petrobras, following up on the releases disclosed on 05/17/2019 and 06/21/2019, informs that, yesterday, the United States Court of Appeals for the Fifth Circuit dismissed the appeal filed by the company against the decision rendered by the Federal Court of Texas, on 05/17/2019, which confirmed the arbitration award rendered in the arbitration moved by Vantage Deepwater Company and Vantage Deepwater Drilling Inc.

The arbitration originated from a contract for drilling services obtained through corruption, as revealed by Operation Lava Jato.

Although the appeal aimed to reverse the decision of the Texas Federal Court, the companies of Petrobras Group involved in the litigation had already made the payment regarding the sentence on 06/21/2019. Therefore, yesterday's decision has no financial impact to the company.

Petrobras is evaluating the decision, as well as the arbitral appeal, and will continue to adopt all measures aimed in protecting its interests.


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