Vantage Drilling banks $700m from arbitration with Petrobras

US drilling service provider Vantage Drilling has announced Petrobras has paid the company $700.9m in total to satisfy an arbitration award between them.

Vantage Drilling filed the arbitration claim against Petrobras after the latter terminated the service agreement for the drillship Titanium Explorer in 2015, and the arbitration tribunal ruled in Vantage Drilling’s favour last year.

“We are very pleased with Petrobras’s decision to make payment in satisfaction of the arbitration award and related U.S. judgment.  As always, we continue to focus on our business, and on providing the best service to our clients,” said Ihab Toma, Vantage’s chief executive officer.

Vantage Drilling currently owns a fleet of three drillships and five jackup drilling rigs.

Source: splash247.com