Petrobras To Appeal Dutch Ruling Favorable To US Oil Firm Vantage

Brazil’s state-run oil company Petroleo Brasileiro SA, also known as Petrobras, said Aug. 28 it will appeal an unfavorable Dutch court ruling related to the suspension of a drilling contract with U.S.-based Vantage Drilling Co.

Petrobras said it was informed that a Dutch court had granted a request by the U.S. oil services company to seize shares of two subsidiaries, among other things.

Petrobras said Vantage’s arbitration proceedings against the company relates to a contract that was canceled as part of “Car Wash,” a sweeping corruption probe into payment of bribes in exchange for contracts.