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US court recognizes $622M arbitration award against Petrobras


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US court recognizes $622M arbitration award against Petrobras

The U.S. District Court for the Southern District of Texas denied Petróleo Brasileiro SA - Petrobras' motion to vacate a $622.02 million arbitration award sought by Vantage Deepwater Co. and Vantage Deepwater Drilling Inc.

Petrobras said in a securities filing dated May 17 that the order is still subject to appeal and it will continue to take all measures to defend its interests.

Petrobras said it has recognized a provision in the case that totaled $720 million as of March 31.

On March 8, the same court denied the temporary restraining order filed by Vantage Drilling over Petrobras' motion to vacate the arbitration award.

The arbitration arose from a drilling services contract implemented in the Gulf of Mexico, which was "procured by corruption" based on a money laundering and corruption investigation known as Operation Car Wash.