Petrobras, Brazil’s state oil company, announced it has won a favourable arbitration decision in a dispute with Sete Brasil, an oil rig chartering firm that Petrobras helped to create.
Arbitrator Gustavo Binenbojm rejected a request from a Sete investor for reimbursement of nearly $96 million for investment made in the FIP Sondas equity fund which holds 95% interest in Sete Brasil.
Sete’s principal customer was Petrobras and Sete was badly hit when Petrobras’ bribes-for-inflated-contracts scandal erupted two years ago because it lost a number construction contracts for rigs that Petrobras no longer wanted to commit to.
Unable to pay for rigs it had ordered from Singapore companies Sembcorp Marine and Keppel, Sete Brasil filed for bankruptcy protection in April 2016.
