Vantage Drilling International (OTCMKTS: VTGDF) announced today that it was successful in its previously disclosed arbitration with Petróleo Brasileiro S.A (NYSE: PBR).
The Tribunal found that Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services, BV (PVIS), both subsidiaries of Petrobras, breached the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The contract was set between PVIS and Vantage Deepwater Company.
The Tribunal awarded Vantage Deepwater Company and Vantage Deepwater Drilling, Inc. $622 million against PAI, PVIS, and Petrobras and dismissed the Petrobras entities’ counterclaims against Vantage.
The arbitration was first filed in late 2015 after PAI and PVIS terminated Vantages drilling contract claiming Vantage had breached its obligations under the drilling contract.
