Aug. 28–An Amsterdam judge has allowed Vantage Drilling to restrict assets owned by Petrobras, Brazil’s state-run oil company, in an effort to collect $622 million in damages, the Wall Street Journal reported Monday.
An international tribunal determined last month that Petrobras is liable to pay that amount to settle a contractual dispute with Vantage, a deepwater drilling contractor operating out of Houston. The tribunal, convened in Houston through the International Center for Dispute Resolution, found that Petrobras had breached a 2009 drilling contract involving the contractor’s Titanium Explorer, a deepwater drilling ship.
The arbitration alleged that Petrobras in 2015 wrongfully terminated its eight-year contract with Vantage, claiming the company had breached its obligations. Vantage, which had then agreed to drill in the Gulf of Mexico, filed an international arbitration claim against Petrobras.
The Journal reported that the Amsterdam court authorized Vantage to attach some bank accounts and shares Petrobras holds in subsidiaries incorporated in the Netherlands in order to collect the arbitration award.
Petrobras said in a statement last month that it will “adopt all available legal remedies” to challenge the arbitration decision.
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