Petrobras Has Paid Vantage $690M Under Award, Driller Says

Law360 (August 14, 2019, 6:52 PM EDT) -- Vantage Drilling International said Wednesday it has received more than $690 million from Petrobras in payments due under an arbitral award enforced this year by a Texas federal court, even as the majority state-owned Brazilian company challenges that ruling before the Fifth Circuit.

The offshore drilling contractor reported that its net income attributable to controlling interest for the three-month period ending June 30 had gone up to $590.7 million as a result of the payments, compared to a net loss of $31.1 million for the same three-month period last year. Vantage won the award in question following a dispute with Petrobras...

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