Petrobras' Board Approves $283 Million Settlement Agreement [Yahoo! Finance]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Yahoo! Finance
As part of this agreement, the Brazilian company will make a $283 million payment to resolve the issue. This decision marks a significant development for Petrobras as it addresses legal matters related to past investments. Overview of the Dispute With EIG Energy Fund XIV The legal conflict revolves around EIG Energy Fund XIV's investment in FIP Sondas, a former shareholder of Sete Brasil, a company involved in offshore drilling operations. This dispute had been a contentious issue for Petrobras, involving claims tied to its involvement in deepwater drilling ventures. The settlement agreement, which includes the $283 million payment, has now been approved by PBR's board and is expected to provide closure on this matter. In a securities filing, the integrated oil and gas company confirmed that this contingency has been provisioned in its earnings. This ensures that the company is prepared for the financial implications of the settlement. By making this payment, PBR aims to resolve
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