Brazilian national oil and gas company Petrobras has announced that an arbitral panel seated in New York has issued an award in an arbitration initiated by IESA Óleo e Gás.
The arbitral panel has ruled two subsidiaries of the company, Petrobras Netherlands and Tupi, to pay $37m and $33m plus interest respectively to IESA.
According to Petrobras, the arbitration runs under confidentiality, and it was related to and EPC contract for the construction of FPSO modules.