Vantage Gets $720M Petrobras Award OK'd By Texas Court
Law360 (May 17, 2019, 8:07 PM EDT) -- A Texas federal judge on Friday confirmed a $720 million arbitral award issued to Vantage Deepwater Co. following a dispute with Petrobras over a canceled drilling contract, rejecting arguments that the tribunal had failed to properly consider whether the contract was procured through bribery.
Petrobras had claimed it had been unable to properly present its argument that the underlying contract was void because Vantage had indirectly paid some $31 million in bribes to obtain it, part of a much larger scheme to overcharge the majority state-owned Brazilian company by billions of dollars that was later uncovered through the massive Operation Car...
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