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Petrobras

Hearing on Petrobras' motion to vacate arbitration award issued in the Vantage case

03/12/2019 | 10h01

Petrobras, following up on the Press Releases of 07/03/2018, 08/29/2018 and 02/7/2019, hereby informs that today the United States District Court for the Southern District of Texas heard oral argument on Petrobras’s motion to vacate the arbitral Award rendered against the Company and other companies of the Petrobras System as well as the petition to confirm the Award filed by Vantage Deepwater Company and Vantage Deepwater Drilling Inc. (“Vantage”), but will issue its decision in the future.

 

At today’s hearing, the Court denied an application made by Vantage for a temporary restraining order. It is also the case that Vantage is secured by attachments obtained in the Netherlands. As previously disclosed by Petrobras, those attachments were granted by the Dutch court on 8/22/18 and served on 8/27/18, blocking the shares of Petrobras’s Netherlands-based subsidiaries and any amounts and assets due to Petrobras, arising from obligations of its Netherlands-based subsidiaries to secure payment of the Award.

 

The Vantage arbitration arose out of an agreement for the provision of drilling services procured by corruption, as revealed by Operation Car Wash. Petrobras continues to vigorously challenge the validity of the award before the United States District Court for the Southern District of Texas.

 

Additional information is presented in the 2018 financial statements, through note 31. Provisions for legal proceedings.



Font: Petrobras Agency
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