Petrobras Ordered to Pay 70 Million Dollars to IESA Oil and Gas

Written by Flavia Marinho

Published on 04/01/2021 at 14:17

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Petrobras Suffers Setback in Arbitration with Inepar Abroad. U.S. Arbitration Tribunal Issues Ruling of 70 Million Dollars to State-Owned Subsidiaries

Petrobras informs this morning (12/04) that an arbitration tribunal based in New York has issued a ruling in an arbitration initiated by IESA Oil and Gas, in the process involving the payment of losses due to contract violations. Looking for a job? Job opening in Macaé for Experienced Instrumentation Technicians on Petrobras Offshore Platforms, today January 04.

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The legal consultants in the arbitration have received a partial ruling on liability and damages in which the arbitration tribunal concluded that Petrobras Netherlands and Tupi breached the contracts and awarded Iesa compensation for damages, plus pre-award interest, totaling approximately 70 million dollars

The arbitration tribunal will still determine, in a later phase, the issue of attorney’s fees and arbitration costs, as well as post-award interest.

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In the statement, Petrobras said that the ruling determined that its subsidiary Petrobras Netherlands (PNBV) must pay approximately 37 million dollars plus interest, while the subsidiary Tupi B.V must pay approximately 33 million dollars plus interest.

The amount related to the conviction of PNBV has already been provisioned, but Petrobras stated that it will still make a provision in the fourth-quarter results regarding the stake in Tupi, in which PNBV holds a 67.6% stake.

The arbitration, which proceeds under confidentiality, involved a contract for the construction of modules for platforms (FPSOs), Petrobras explained, without providing further details.

Inepar Industry and Construction is in judicial recovery and controls Iesa Oil & Gas, and has stated that it will take measures to expedite the procedures related to the payment due.

Tupi is a consortium formed by Petrobras Netherlands (65%), BG (25%) and Galp (10%).

Petrobras Ordered to Pay 70 Million Dollars to IESA Oil and Gas

Petrobras Suffers Setback in Arbitration with Inepar Abroad. U.S. Arbitration Tribunal Issues Ruling of 70 Million Dollars to State-Owned Subsidiaries

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Petrobras Ordered to Pay 70 Million Dollars to IESA Oil and Gas

Petrobras Suffers Setback in Arbitration with Inepar Abroad. U.S. Arbitration Tribunal Issues Ruling of 70 Million Dollars to State-Owned Subsidiaries

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