Brazil's state-run oil company Petroleo Brasileiro SA, also known as Petrobras, said Aug. 28 it will appeal an unfavorable Dutch court ruling related to the suspension of a drilling contract with U.S.-based Vantage Drilling Co.
Petrobras said it was informed that a Dutch court had granted a request by the U.S. oil services company to seize shares of two subsidiaries, among other things.
Petrobras said Vantage's arbitration proceedings against the company relates to a contract that was canceled as part of "Car Wash," a sweeping corruption probe into payment of bribes in exchange for contracts.
RELATED: Vantage Drilling Wins $622 Million In Arbitration Against Petrobras
Petrobras said the Vantage contract was awarded "by way of corruption," according to the findings of investigation.
"The company will seek all legal measures to overturn the arbitration ruling and to defend its position," Petrobras said in the securities filing, adding that it was a victim of the scam.
On Aug. 27, the Wall Street Journal said an Amsterdam court had authorized Vantage Drilling to attach Petrobras assets in the Netherlands in connection with the $622 million arbitration case.
Recommended Reading
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
Decoding the Delaware: How E&Ps Are Unlocking the Future
2024-05-01 - The basin is deeper, gassier, more geologically complex and more remote than the Midland Basin to the east. But the Delaware is too sweet of a prize to pass up for many of the nation’s top oil and gas producers.
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.
SilverBow Saga: Investor Urges E&P to Take Kimmeridge Deal
2024-03-21 - Kimmeridge’s proposal to combine Eagle Ford players Kimmeridge Texas Gas (KTG) and SilverBow Resources is gaining support from another large investor.