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Petrobras Informs on Arbitration Award

Source: www.gulfoilandgas.com 1/4/2021, Location: South America

Petrobras informs that an arbitral tribunal, based in New York, issued an arbitration award initiated by IESA Oleo e Gas SA determining the payment of approximately US $ 37 million, plus interest, by the wholly owned subsidiary Petrobras Netherlands BV (PNBV) and the payment of approximately US $ 33 million, plus interest, by the subsidiary Tupi BV (67.589% interest in PNBV).

The arbitration, which runs under confidentiality, had as its object an Engineering Procurement and Construction (EPC) contract for the construction of platform modules (FPSOs).

The amount referring to the PNBV conviction was provisioned by the subsidiary, and is reflected in Petrobras 'financial statements for the 3rd quarter of 2020. The amount for the interest in Tupi BV will be provisioned and recognized in Petrobras' consolidated results for the 4th quarter of 2020.

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