Petrobras and Ensco make settlement

Petrobras and Ensco make settlement

Petrobras and Ensco have agreed to a settlement of all claims relating to the Ensco DS-5 drilling services agreement.

While the terms of the agreement are confidential, no payments will be made by either party in connection with this settlement.

The parties also agreed to normalise business relations. As a result, the agreement provides for Ensco’s participation in current and future Petrobras tenders on the same basis as all other companies invited to these tenders.

Petrobras, hit by a massive multi-billion dollar fraud, has been mending fences with a number of business partners in recent weeks.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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