Brazil's state-run oil company Petroleo Brasileiro SA, also known as Petrobras, said Aug. 28 it will appeal an unfavorable Dutch court ruling related to the suspension of a drilling contract with U.S.-based Vantage Drilling Co.
Petrobras said it was informed that a Dutch court had granted a request by the U.S. oil services company to seize shares of two subsidiaries, among other things.
Petrobras said Vantage's arbitration proceedings against the company relates to a contract that was canceled as part of "Car Wash," a sweeping corruption probe into payment of bribes in exchange for contracts.
RELATED: Vantage Drilling Wins $622 Million In Arbitration Against Petrobras
Petrobras said the Vantage contract was awarded "by way of corruption," according to the findings of investigation.
"The company will seek all legal measures to overturn the arbitration ruling and to defend its position," Petrobras said in the securities filing, adding that it was a victim of the scam.
On Aug. 27, the Wall Street Journal said an Amsterdam court had authorized Vantage Drilling to attach Petrobras assets in the Netherlands in connection with the $622 million arbitration case.
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