Petrobras motion to vacate is struck down
By Tyler Losier

This Monday, Vantage Drilling International (stock ticker: VTGGF) announced in a press release that U.S District Court Judge Alfred H. Bennett of the Southern District of Texas had granted a petition to uphold the arbitration award Vantage had previously sought to obtain from Petrobras Brasileiro S.A. (stock ticker: PBR). As of March 31, 2019, that figure stands at $728.4 million including interest.

Additionally, the court agreed with international arbitrators that Petrobras’ motion to vacate the award should be struck down.

Source: Vantage Drilling

The disagreement between the two companies began in February of 2009, when Petrobras Venezuela Investments & Services (...


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