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This Friday, June 21, Petrobras paid Vantage Drilling approximately US$ 690,8 million after the definition of the sentence in the Federal Court of Texas, in the United States.
According to the state-owned company, the payment does not end the litigation, as the Brazilian oil company has appealed the decision, but it ceases the incurrence of interest on the conviction and allows for precautionary blockades of the company's assets and those of its subsidiaries in the Netherlands to be withdrawn. Additionally, as part of the settlement, Petrobras America, a subsidiary of Petrobras, paid Vantage Deepwater Drilling, a wholly owned subsidiary of Vantage, approximately $10,1 million in connection with the related judgment and judgment in respect of contractual damages and certain unpaid invoices relating to work performed in the US Gulf of Mexico in 2015.
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The decision of the American court can be appealed and refers to the cancellation of the contract of a rig due to a corruption scheme in the international board of Petrobras
Irregularities in the drilling services contract were revealed by Operation Lava Jato.
Judgment of 2008
In July last year, Petrobras lost a lawsuit worth US$ 622 million, brought by the North American Vantage Drilling International.
The contract between the two companies that generated the dispute dates back to 2009. In 2015, Petrobras notified Vantage that it had terminated the contract, claiming that the US company had violated its terms. Vantage then filed suit claiming wrongful termination.
Vantage Drilling International was involved in a 2015 complaint by the Federal Public Ministry in Paraná, in a Lava Jato investigation into foreign exchange evasion arising from a contract to charter a drillship. The termination of the contract took place in the same year.
Mr. Ihab Toma, Chief Executive Officer of Vantage, said: “We are very pleased with Petrobras' decision to make payment in satisfaction of the US arbitral award and related judgment. As always, we continue to focus on our business and providing the best service to our customers. ”
In view of the retention by the Petrobras parties of their rights, including the right to appeal the US judgment, the Petrobras parties may claim an action against the Vantage parties for the return of all or part of the payments made to satisfy the judgment. the event that the US judgment is overturned on appeal. The Company cannot provide guarantees as to the final outcome of such appeals.
In addition, the payment received by the Vantage parties will be subject to reductions due to due and future legal fees (including, but not limited to, a contingency fee equal to 10% of the amounts received from the Petrobras parties) and any applicable taxes. Consequently, no guarantees can be given as to the amount of payments to be made by the Company.
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