Petrobras Loses 5th Circ. Bid To Nix $622M Drilling Award

Law360 (July 16, 2020, 10:02 PM EDT) -- Petrobras on Thursday lost its bid to nix a $622 million arbitral award issued to the Texas oil rig operator Vantage Deepwater Co. following a dispute over a canceled drilling contract when the Fifth Circuit rejected arguments that the award couldn't be enforced because the underlying deal was tainted by bribery.

The circuit court said that a Texas federal judge had properly deferred to the arbitrators, who concluded that Petrobras had waived its ability to raise the bribery objections since it had reiterated its approval of the underlying drilling services agreement with Vantage even after the allegations emerged. Moreover, a finding...

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