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Thursday, April 26, 2018

Sete Brasil Arbitration Favors Petrobras

Maritime Activity Reports, Inc.

December 17, 2017

Photo: Petróleo Brasileiro SA

Photo: Petróleo Brasileiro SA

 Petróleo Brasileiro SA informs that an arbitration award favorable to the company has rejected a request made by an investor of Sete Brasil Participações SA - in judicial reorganization.

 
"Petrobras, pursuant to CVM Instruction 358/2002, informs about an arbitration award, favorable to the company, which rejected a request made by an investor of Sete Brasil Participações SA, in judicial reorganization, in the arbitration proposed against Petrobras, with the purpose of obtaining reimbursement of investment made in the Sondas Project," said a press release from the company.
 
According to Petrobras, the updated value of the process related to the rig company is approximately 318 million reais.
 
The information related to this arbitration are incorporated in item 4.5 of the Reference Form and in the Company's financial statements for the third quarter of 2017, through explanatory note 29
 
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