Vantage Drilling Wins $622 Million In Arbitration Against Petrobras

Brazil’s state-controlled oil company Petrobras has been fined $622 million by an international tribunal for breaching a 2009 contract with a unit of Vantage Drilling Co., the U.S.-based rig contactor said July 2.

The tribunal found that Petrobras and its units, Petrobras America Inc (PAI) and Petrobras Venezuela Investments and Services (PVIS) breached a drilllship contract with Vantage Deepwater Co.

In 2016, Petrobras executive Jorge Zelada was sentenced to 12 years and two months in jail for corruption and money laundering after he was convicted for unduly awarding Vantage a contract in 2009.