Brief: Seacrest Petroleo Bermuda: Commencement Of Arbitration Proceeding Against Petrobras
06/01/2025 06:05
Jan 6 (Reuters) - Seacrest Petroleo Bermuda Ltd
SEAPT.OL :
* COMMENCEMENT OF ARBITRATION PROCEEDING AGAINST PETROBRAS
* SAYS BASIS FOR CLAIMANT'S REQUEST FOR ARBITRATION IS
ONGOING
FAILURE OF PETROBRAS TO FULFIL ITS CONTRACTUAL OBLIGATIONS TO
COMPLETE SUBSEA PIPELINE REPAIRS AT TNC
* WHICH HAS RESULTED IN US$71.2 MILLION OF DIRECT CUMULATIVE
DAMAGES TO COMPANY TO DATE
* SAYS PETROBRAS' FAILURE TO PERFORM OBLIGATIONS, RESTORE
PIPELINES TO SPECIFICATIONS HAS FORCED CO TO SELL OFF-SPEC BLEND
OF PRODUCTION AT DISCOUNTS TO BRENT, SEVERELY IMPACTING CO'S
REVENUE, PROFITABILITY, REPUTATION
Source text: ID:nMFN5YdwX5
Further company coverage: SEAPT.OL
(Gdansk Newsroom)
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