[uam_ad id="317182"]

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will have to pay Cayman Island based Vantage Drilling International, US$622.02 million after the Brazilian company rescinded the drilling contract between the two companies, according to Vantage Drilling.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 . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?