Petrobras Clarification on News: Arbitration and legal proceedings – Sete Brasil

Rio de Janeiro, February 13, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 83/2017/CVM/SEP/GEA-1 which requests clarifications, as follows:

Official Letter no. 83/2017/CVM/SEP/GEA-1

“Dear Officer,

1.    I refer to the article published by O Globo newspaper, under the headline “Todos contra a Petrobras” [“All against Petrobras”], regarding reparation for investments in Sete Brasil.

2.    On this topic, I request clarifications on the veracity of the news and, if confirmed, on the reasons why said fact was not disclosed to the market.”


Petrobras reports that it is a party to arbitration proceedings in Brazil initiated by investors in Sete Brasil Participações S.A. – under judicial recovery, related to its participation in Projeto Sondas (“Rigs Project”), as well as to a legal proceeding in the Federal Court of the District of Columbia, in Washington D.C.

Discussions are at initial stage and, therefore, there is at this time no statement of merit by the arbitration courts on this controversy.

It should be noted that said arbitration proceedings are subject to confidentiality rules, and the information eligible for disclosure pursuant to applicable legislation and Arbitration Chamber rules are made available by the Company in the explanatory notes and in the “Formulário de Referência” (file required by Securities and Exchange Commission – CVM).

Petrobras further clarifies that it disagrees with the claims submitted by the investors in the aforementioned proceedings, and that it will act firmly to defend its rights.

Facts deemed to be relevant to the subject will be timely disclosed to the market.

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