Petrobras Updates On $700mn Vantage Payment

(Petrobras, 21.Jun.2019) — Petrobras, following up on the release of May 17, 2019, hereby informs that its subsidiaries paid today the amount of approximately US$700 million related to the decision of the United States District Court for the Southern District of Texas that denied Petrobras’ motion to vacate and recognized the arbitral award rendered in the arbitration filed by Vantage Deepwater Company and Vantage Deepwater Drilling Inc.

The payment ceases interest accrual, allows the lifting of the pre-judgement attachments of Petrobras’ and its subsidiaries’ assets in the Netherlands and avoids other legal constraints, but does not end the dispute. The company appealed the United States District Court decision on June 19, 2019, and will continue to take all measures to defend its interests.

As disclosed to the market on February 7, 2019, the company had already recognized a provision in connection with this case in the fourth quarter of 2018.

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