Petrobras loses US$622 million in overseas dispute.
The Cayman Islands-based company Vantage Drilling International announced yesterday (2) on its website that it was successful in the arbitration process it initiated against Petrobras for US$622,02 million. According to the company, the court ruled in favor of Vantage Deepwater Company and Vantage Deepwater Drilling, Inc., wholly owned subsidiaries of Vantage.
From Agência Brasil – The company Vantage Drilling International, based in the Cayman Islands, announced yesterday (2) on its website that it was successful in the lawsuit it filed in an arbitration court against Petrobras for US$622,02 million. According to the company, the court ruled in favor of Vantage Deepwater Company and Vantage Deepwater Drilling, Inc., wholly owned subsidiaries of Vantage.
According to the company, the court ruled that Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services, BV (PVIS), subsidiaries of Petrobras, violated the drilling services contract for the drillship Titanium Explorer, signed on February 4, 2009.
According to Vantage, on August 31, 2015, the two Petrobras subsidiaries (PAI and PVIS) notified them of the termination of the drilling contract, alleging that Vantage had violated its obligations under the drilling contract. The company reported that it immediately filed an international arbitration action against the subsidiaries and Petrobras, alleging the unfair termination of the drilling contract.
In the company's statement, Vantage's CEO, Ihab Toma, said he was pleased with the court's decision and added that the company remains focused on providing superior drilling services to its clients.
Vantage Drilling International presents itself as an offshore drilling contractor. It also states that it has a fleet of three ultra-deepwater drillships and four premium jackup drilling rigs.
Vantage's core business is contracting drilling rigs, related equipment, and crews, primarily on a day-to-day basis, to drill oil and natural gas wells for large national and independent oil and natural gas companies worldwide.
The contract between the two companies surfaced in the Lava Jato investigation. In 2016, Judge Sergio Moro sentenced the former director of Petrobras' International Area, Jorge Zelada, to 12 years and 2 months in prison for the crimes of passive corruption "for receiving undue advantage for himself and others in the contract between Petrobras and the company Vantage Drilling for the supply of the drillship Titanium Explorer"; and for money laundering.
Furthermore, businessman Raul Schmidt, whose extradition attempts from Portugal failed despite initial rulings in favor of Brazil, is being investigated by Lava Jato as a suspect in mediating bribe payments totaling US$31 million to former Petrobras directors Jorge Zelada, with whom he allegedly had a business relationship; Renato Duque; and Nestor Cerveró.
According to the Lava Jato task force, the businessman acted as an intermediary in the payment of bribes to Petrobras' International Directorate in 2009 for the contracting of Vantage Drilling Corporation to charter a drillship for US$1,8 billion. He is accused of the crimes of passive corruption, money laundering, and criminal organization.
At the time of publication, Petrobras had not responded to a request for comment on the outcome of the arbitration.