Brazil’s Petrobras Ordered to Pay US$622 Million for Contract Breach

According to an international arbitrage court, Petrobras breached a drilling service agreement for the Titanium Explorer in 2009.

By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Oil giant of Brazil, Petrobras, will have to pay Cayman Island based Vantage Drilling International, US$622.02 million after the Brazilian company rescinded the drilling contract between the two companies, according to Vantage Drilling.

“We are very pleased with the Tribunal’s decision to enforce our drilling contract with Petrobras,” stated Vantage Drilling’s Chief Executive Officer, Ihab Toma, in a statement released after the decision.

Vantage contracts drilling units, related equipment and work team to drill oil wells and natural gas wells for large national and independent oil . . .

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