Vantage Drilling International (“Vantage†or the “Companyâ€) announced that Petrobras Venezuela Investments & Services, BV (“PVISâ€), a subsidiary of Petroleo Brasileiro S.A (“Petrobrasâ€), entered into an agreement with Vantage Deepwater Company (“VDEEPâ€), a wholly-owned subsidiary of Vantage, pursuant to which PVIS paid VDEEP approximately $690.8 million to satisfy the previously rendered arbitration award and related U.S. judgment confirming the award.Â
In addition, as part of the agreement, Petrobras America, Inc., (“PAIâ€), a subsidiary of Petrobras, paid Vantage Deepwater Drilling, Inc. (“VDDIâ€) a wholly-owned subsidiary of Vantage, approximately $10.1 million in connection with the award and related judgment in respect of contract damages and certain unpaid invoices relating to work performed in the U.S. Gulf of Mexico in 2015. Neither party released any of its claims, except for certain claims by the Petrobras parties against the Vantage parties in respect of the Dutch Attachments described below.Â
The Petrobras parties filed their notice of appeal to the U.S. Court of Appeals for the Fifth Circuit seeking the reversal of the U.S. judgment, which confirmed the award and denied their motion for vacatur. The Vantage parties believe there is no basis for reversal and intend to vigorously contest the appeal.
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