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With Imminent Risk of Being Condemned by the Texas Courts, Petrobras is Forced to Allocate US $ 622 Million Plus Interest to American Company for a Breached Contract in 2015
Petrobras has made a provision for the total amount that was requested last year, to eventually pay the American driller Vantage Drilling for the early termination of the contract, related to the massive corruption investigation triggered by Operation Lava Jato. The Brazilian state giant was ordered in July to pay Vantage US $ 622.02 million, plus compound interest of 15.2% per year for the termination of the charter of the drilling unit Titanium Explorer in 2015.
The unit was drilling for Petrobras in the Gulf of Mexico, at the time, and was operating under an eight-year contract worth US $ 1.8 billion before the oil company canceled the agreement, claiming that Vantage had breached its obligations under the contract.
On Thursday evening, Petrobras stated that the provision will be recognized in its fourth-quarter results, which are expected to be released soon.
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However, Petrobras at the end of August filed a motion to vacate the arbitration award, as one of the three judges refused to sign the final ruling, arguing that Petrobras was denied “fundamental justice and due process” in the proceedings.
A final hearing on Petrobras’ motion to vacate will be heard by the Federal Court in Texas on March 8.
The contract was at the center of a corruption investigation that saw Petrobras executive Jorge Zelada sentenced to 12 years and two months in prison in 2016 for corruption and money laundering, after he was convicted of improperly awarding Vantage a contract in 2009.
Vantage distanced itself from the allegations, stating at the time that any illegal acts that the agent may have committed were not carried out on behalf of any of the company’s directives.
Moreover, other Brazilian shareholders may also receive compensation in court related to market manipulation. Learn more about this case here.
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