Petrobras will pay $283 million to EIG Energy Fund XIV to settle a court dispute related to an investment in FIP Sondas, a former shareholder of Sete Brasil. The board approved the settlement, which will impact the company’s earnings.
Petrobras, Brazil’s state-run oil company, announced an $283 million settlement to resolve a U.S. court dispute with EIG Energy Fund XIV. The agreement was sanctioned by Petrobras’ board and will reflect as a contingency in the company’s earnings. The legal matter stems from EIG’s investment in FIP Sondas, previously a shareholder in the drillship company Sete Brasil. This settlement aims to formally conclude the ongoing legal issues surrounding this investment.
In summary, Petrobras will pay $283 million to EIG Energy Fund XIV to settle a legal dispute, having provisioned this amount in its earnings. The settlement reflects an effort to resolve financial disputes stemming from past investments in the offshore drilling sector, enabling Petrobras to move forward with its operations, free from these legal entanglements.
Original Source: www.newsbreak.com
