Petrobras pays BRL 950 million to end disputes with Petros over Sete Brasil

Petrobras informed the CVM of the payment of BRL 950 million to Petros, referring to pending issues related to investments in Sete Brasil

Petrobras informed in a statement sent to the Securities and Exchange Commission (CVM) that it made yesterday, 10, the payment to the Petrobras Social Security Foundation (Petros), in the amount of R$ 950 million.

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The payment made refers to the full amount of the agreement entered into with Petros on July 29th regarding the arbitration dispute related to the investment in Sete Brasil.

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“The agreement extinguished the litigation without acknowledgment of guilt or responsibility by either party and does not affect other lawsuits or arbitrations involving the parties, as well as other litigation involving the investment in Sete Brasil”, says the company. "Petrobras remains in defense of its interests in the ongoing processes".

Petrobras gives Sete Brasil more time to comply with settlement terms

Petrobras extended the deadline for certain conditions of an agreement with Sete Brasil related to a charter and also related to the termination of contracts for 24 drilling platforms. It further said that its executive board has postponed the deadline for the agreement between the two companies, from June 30, 2020 to September 30, 2020.

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