Petrobras May Pay Millions in Fines to Vantage Drilling for Breach of Contract

Written by Paulo Nogueira

Published on 08/02/2019 at 09:01

O contrato foi o centro de uma investigação de corrupção que viu o executivo da Petrobras, Jorge Zelada, condenado a 12 anos e dois meses de prisão em 2016 por corrupção e lavagem de dinheiro, depois que ele foi condenado por conceder indevidamente a Vantage um contrato em 2009.

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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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Petrobras May Pay Millions in Fines to Vantage Drilling for Breach of Contract

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

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Petrobras May Pay Millions in Fines to Vantage Drilling for Breach of Contract

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

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While communities suffer from water scarcity and the advancing desert, women in Morocco use nets high up in the mountains to trap fog droplets, fill reservoirs, and transport drinking water through more than 10 km of piping.

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