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Petrobras Contract Penalties Wing Vantage Drilling to Net Profit for Q2 2019

Gasoil News - Published on Mon, 19 Aug 2019

Image Source: Petrobras
Vantage Drilling reported net income of USD 590.7 million for the Q2 2019, thanks to payments of more than USD 700 million by Petrobras for terminating drilling vessel contracts. The net income stems from the recent payments by Petrobras of approximately USD 690.8 million to Vantage Deepwater Company, and by Petrobras America, a subsidiary of Petrobras of approximately USD 10.1 million to subsidiary Vantage Deepwater Drilling Inc.

The dispute arose following the Petrobras’s parties’ termination of the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The Petrobras parties claimed the Vantage parties had breached their obligations under the drilling contract. The Vantage parties immediately filed the international arbitration claim for wrongful termination of the drilling contract.

Mr Ihab Toma, CEO, said that “I am very pleased about our agreement with the Petrobras parties and their payments’ to us in aggregate of approximately $701 million. Separately, I am pleased to report that we continue to achieve operational and safety excellence, recording 99% revenue efficiency for the quarter and over two years without a lost time incident. We remain focused on providing the best service to our customers.”

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Posted By : Sanju Moirangthem on Mon, 19 Aug 2019
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