Petrobras to Settle U.S. Court Dispute with EIG for $283 Million

Petrobras has settled a U.S. court dispute with EIG for $283 million, as approved by its board. The settlement, related to EIG’s investment in FIP Sondas, has been provisioned in Petrobras’ earnings, indicating financial readiness for this payment.

Petrobras, the Brazilian state-run oil company, has announced a settlement agreement regarding a dispute in a U.S. court with EIG Energy Fund XIV. The board of Petrobras approved the resolution, which includes a payment of $283 million. In a recent securities filing, the company indicated that they had provisioned this amount as part of their earnings. The case pertains to EIG’s previous investment in FIP Sondas, which was a former stakeholder in the drillship company Sete Brasil. The settlement concludes a significant legal dispute and may provide clearer financial stability for Petrobras moving forward.

In summary, Petrobras has reached a substantial settlement of $283 million to resolve its legal dispute with EIG Energy Fund XIV. This move is expected to have a positive impact on the financial outlook of Petrobras, as the settlement amount has already been accounted for in their earnings. The case highlights the complexities of investment and shareholding dynamics in the oil industry, especially concerning international legal matters.

Original Source: www.newsbreak.com