Petrobras to pay $622 mln for contract breach
Brazil Bolette Dolphin
The contract in question, for the provision of a drillship to Petrobras America and Petrobras Venezuela Investments by subsidiary Vantage Deepwater, was signed in 2009. Following an investigation to determine whether the contract had been ethically awarded, in 2015 the NOC ended the deal with Vantage, which then filed a “wrongful termination” claim.
Petrobras executive Jorge Zelada was charged with corruption in relation to the contract award, and was given a more than 12-year prison sentence.
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