Petrobras Loses Appeal in R$2.8 Billion Lawsuit Over Drillship

Written by Renato Oliveira

Published on 20/05/2019 at 01:00

Updated on 19/05/2019 at 18:52

Petrobras e Vantage dilling

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U.S. Court Decision Is Appealable and Relates to the Cancellation of a Drillship Contract Due to Corruption Scheme in Petrobras’ International Management

The Federal Court in Texas, United States, rejected Petrobras’ request for an action aimed at nullifying the favorable decision to Vantage Deepwater Company and Vantage Deepwater Drilling Inc.
The legal battle in the U.S. concerns the hiring of the drillship Titanium Explorer, whose contract was the target of the Lava Jato operation that uncovered a corruption scheme in Petrobras’ international management nearly ten years ago.

Due to the first defeat in court, Petrobras had already provisioned US$ 720 million (R$ 2.8 billion) at the end of last year.
Vantage is filing the action due to the cancellation of the Titanium Explorer drillship contract by the Brazilian oil company and received a favorable opinion in July of last year.

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“Today’s decision is appealable and Petrobras will continue to take all measures to safeguard its interests,” the company informed in a statement.

Lava Jato

The investigations from the federal police operation led to the conviction, in 2015, of former directors of Petrobras’ international area, Jorge Zelada and Eduardo Musa, along with Hamylton Pinheiro Padilha Junior, Raul Schmidt Felippe Junior, and João Augusto Rezende Henriques.
According to the investigations, the accused received bribes and passed them on to the PMDB, now known as MDB.

The Federal Public Ministry also charged the American and former CEO of Vantage Drilling, Paul Alfred Bragg, with active corruption, that is, for the payment of US$ 31 million.

The Titanium Explorer drillship was built to fulfill a contract with Petrobras in 2009 and its construction was completed in 2012.
Currently, the drillship is anchored in warm-stack (small crew onboard performing preventive maintenance) in South Africa.

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Petrobras Loses Appeal in R$2.8 Billion Lawsuit Over Drillship

U.S. Court Decision Is Appealable and Relates to the Cancellation of a Drillship Contract Due to Corruption Scheme in Petrobras’ International Management

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Lava Jato

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