Petrobras must pay $622M for Vantage contract termination

Brazil’s Petrobras will have to pay Vantage Drilling $622.02 million for drilling contract breach.

Vantage Drilling said on Tuesday that an international arbitration tribunal issued an award in favor of Vantage Deepwater Company and Vantage Deepwater Drilling, Inc., both wholly-owned subsidiaries of Vantage.

According to the offshore driller, the Tribunal found that Petrobras breached the agreement for the provision of drilling services for the Titanium Explorer under the drilling contract signed on February 4, 2009, which had then been novated.

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